The race to tap an US$11.5 trillion pool of wealth held by Muslim individuals, institutions and governments is intensifying. The asset management units of Malaysia's RHB Bank and Indonesia's PT Bank Mandiri plan new Islamic funds. RHB Group Asset, which oversees 54 billion ringgit ($13.5 billion), will offer new Islamic funds in Malaysia and may make some of them available in Brunei, Indonesia, Singapore and the Middle East. The Indonesian Mandiri Manajemen’s plan for more Shariah investment vehicles comes after the company’s global Islamic stock fund drew $10 million from institutional investors when it was set up on Aug. 4. According to Malaysia International Islamic Financial Centre, the global Islamic asset management industry is forecast to grow to $77 billion by 2019 from $58 billion at the end of 2015.
After the listing of RHB Bank, attention is now on whether BIMB will do the same with Bank Islam Malaysia. Bank Islam is the oldest and largest standalone Islamic bank in Malaysia with an asset size of RM55.46 bn as at March 31. It also owns a 59.9% stake in insurer Syarikat Takaful Malaysia, while its other core business is BIMB Securities. BIMB, in turn is 53.6% controlled by pilgrim fund Lembaga Tabung Haji (LTH). It is believed that the bank still holds the dream to move into the big league and grow market share. However, it will not be able to achieve mega Islamic bank dream unless it mergers.
Manager - Basel II IRB implementation, Islamic Credit Risk
• Liaising/ communication to all project stakeholders as well as senior management regarding the Basel II implementation.
• Bring the gap between information providers, i.e. from various business and functional units source system owners/product owners for functional and data requirements.
• Facilitates to resolve concerns and issues associated with the project.
• Tracking ownership/ progress and reporting.
• Ensure completion of UAT/ Parallel Run and overall project completion, and
• Monitor and track IRB portfolios required for IRB coverage for the Bank.
RHB Banking Group is extending its Islamic banking services to Singapore reported Gabriel Chen on asiaone business.