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Bank Islam back in black
Bank Islam is bullish on bouncing back more profitably after two years of being in the red, in line with its new corporate identity.
Maybank profits
Maybank announced a record net profit of RM3.18 billion (US$907.6 million) for the year ended 30th June 2007, up 14.6% from RM2.77 billion (US$790.58 million) in 2006.
Second wave of Islamic finance
Malaysian prime minister Abdullah Ahmad Badawi called upon the financial services sector to support government’s efforts in promoting a second wave of growth in Islamic finance.
Stiglitz confident of economic prospects
Nobel laureate and former World Bank chief economist Professor Joseph E Stiglitz is confident of the overall prospects for Malaysia’s economic development in the next 10 years.
Bank Muamalat Home Financing
Bank Muamalat Malaysia launched the Shirkah Mutanaqisah home financing, targeting the secondary property market. The bank expects to draw RM300 million (US$86.46 million) from the newly launched scheme.
LZS Online
Lembaga Zakat Selangor (LZS) launched an online service for zakat dubbed “Zakat On-Line”. Nine banks will begin offering the service this month.
Increasing Arab interest
The investment arm of the Abu Dhabi government expressed interest in acquiring a RM4 billion (US$1.2 billion) tract of land in Johor, Malaysia.
Talented bankers
Demand is rising for Islamic bankers in Malaysia. According to headhunters at Talent2, the Malaysian market is hungry for executive leaders — CEOs and general managers in investment banking, Islamic banking, corporate finance, engineering, IT, enterprise sales, shared services, retail and healthcare.
BSN pays dues
A portion of Bank Simpanan Nasional (BSN)’s Islamic banking profits was allocated to pay zakat. The bank set aside RM596,278.83 (US$171,850.78) derived from its Shariah compliant savings and investment accounts, housing and personal finance loans and credit cards.
Visa from KFH
Kuwait Finance House Malaysia (KFHM) introduced Visa Plus to its customers. The facility will enable users of foreign cards with a Visa facility to perform cash withdrawal transactions of up to RM5,000 (US$1,425).
Moving closer to Islamic marts?
Cagamas and Hong Kong Mortgage Corp formed a strategic partnership to develop new mortgage business products for the Malaysian market, as well as to explore mortgage business opportunities in the region.
Gastronomically linked
Malaysia’s international trade and industry minister Rafidah Aziz called for more halal linkages between Australia and Malaysia. She cited the halal food industry and banking sector as a meeting point between the two countries.
Another busy year for RAM
There were 28 new corporate bonds valued at RM40.1 billion (US$11.6 billion) rated by Rating Agency Malaysia (RAM) in the first half of 2007. This accounted for more than 90% of the domestic market’s RM43.7 billion (US$12.6 billion) bonds rated during the period. Of the total that RAM rated, RM19.1 billion (US$5.5 billion) has been issued, accounting for 885 of the entire market’s issued bonds.
KFH takes joint stake in Singapore company
Kuwait Finance House Malaysia (KFHM) and Pacific Healthcare Holdings (PHH) Singapore acquired a 30% stake in Radlink Asia, an independent provider of diagnostic imaging and radiography services in Singapore.
Boustead’s REIT
Boustead’s Al Hadarah Islamic real estate investment trust
(I-REIT) has earned revenues of RM17.5 million (US$5.04 million) and net earnings of RM15.4 million (US$4.43 million) since its establishment on the 1st January 2007.
LFX listing
Dar Al Arkan’s recently closed US$1 billion Sukuk Ijarah listed on the Labuan Financial Exchange (LFX).
EPF covers critical illnes from next June
From June 2008, the Employees Provident Fund (EPF) will allow contributors to purchase critical illness cover from insurers approved by the EPF. There will be four schemes ranging from a minimum of RM10,000 (US$2,926) up to RM100,000 (US$29,264).
Al Nibras’ new buys
Kuwait Finance House Labuan (KFHL)’s Al Nibras Islamic Real Estate Fund bought two villa apartment blocks in Reflections at Keppel Bay for US$286 million.
JBIC to sell RM denominated Sukuk
The Japan Bank for International Cooperation (JBIC) revealed plans to sell ringgit denominated Sukuk backed by its products on the London Metal Exchange (LMX). Set for an October launch, JBIC will sell between US$200 million and US$300 million in ringgit denominated Sukuk, originating from Malaysia. However, proceeds from the sale will be swapped into US dollars due to the bank’s larger lending in the currency.
Islamic financial planning
The Financial Planning Association of Malaysia (FPAM) and the Islamic Banking and Finance Institute Malaysia (IBFIM) received a RM1.15 million (US$331,524) grant from the Capital Market Development Fund (CMDF) to jointly develop a certification program for Islamic financial planning.
First Islamic structured fund from Pru
Prudential Fund Management (PFMB) launched its first Islamic structured fund, dubbed the PRUShariah FX fund at RM300 million (US$86.22 million), with plans to launch two more by the end of the year.
HK eyeing Malaysia as partner
Hong Kong deemed Malaysia a strategic partner in getting its Islamic finance operations off the ground.
Al Rajhi’s second home
Following in KFHM’s footsteps, Al Rajhi Bank Malaysia aims to promote Malaysia’s MM2H program by tapping into its customer base of over three million in Saudi Arabia.
TI’s Royal expectations
Takaful Ikhlas submitted an application to Bank Negara Malaysia (BNM) and Permodalan Nasional to expand its operations to Saudi Arabia.
Islamic banking contributes
AMMB Holdings saw a 52% profit hike to RM181.1 million (US$51.68 million), as at the 30th June 2007.
BNM welcomes foreign money
Bank Negara Malaysia (BNM) announced it would allow commercial and investment banks to set up international currency business units to undertake international currency business under Islamic finance in Malaysia.
TAKAFUL
Apply for re-Takaful licenses
BNM called for qualified local and foreign players to apply for re-Takaful licenses in Malaysia. The move was in line with the government’s efforts to expand the re-Takaful sector to complement the growth of the Takaful industry.
Takaful Malaysia’s profits take a dip
Takaful Malaysia’s General Takaful business dipped by 44.07% to RM38.01 million (US$10.84 million) in its first half this year. The plunge resulted from a combination of lower share income from General Takaful business and higher management expenses as at 30th June 2007.
Islamic automobile financing
Perodua signed a memorandum of understanding with Bank Kerjasama Rakyat Malaysia and Takaful Ikhlas to offer car financing facilities and personal protection coverage for civil servants. |
