Malaysia

Bahrain bourse, Bursa Malaysia sign Islamic finance MoU

The Bahrain Financial Exchange and Bursa Malaysia signed an agreement to study a common platform on which Islamic finance products such as commodity murabahas can be traded. Malaysia's stock exchange launched a platform last year on which murabaha, an Islamic money market instrument, can be traded using palm oil as the underlying commodity.

Sime lists RM4.5b sukuk programme

Sime Darby Bhd yesterday listed its Ringgit Malaysia Sukuk Programme on Bursa Malaysia with a combined master limit of RM4.5bil under the Exempt Regime.

Malaysia likely to give Islamic licence to Abu Dhabi bank

The government is likely to approve an Islamic banking licence for the National Bank of Abu Dhabi. The move comes before the administration unveils its new economic model in which the services sector, and in particular Islamic finance, is given more emphasis.

Bank Negara pressing ahead with Shariah guidelines

Bank Negara Malaysia (BNM), the central bank, is pressing ahead with developing a series of Shariah parameters that would provide a standard guidance on applying the respective Shariah contracts in Islamic finance.

In fact, BNM in December 2009 published its latest draft concept paper -- a Shariah Parameter Reference 3 (SPRC 3) -- on the Mudarabah contract. The paper has been sent to various market players in the Islamic finance industry for feedback. This follows the publishing in October 2009 of "Concept Paper -- Guidelines on Takaful Operational Framework" which outlines the parameters governing the operational processes of the Takaful business.

Ingress gets 6-mth sukuk extension

Ingress Sukuk Bhd has obtained its sukuk holders’ approval to extend the maturity date of about RM48 million in Islamic bonds, the company said today.

Bank Islam taps into IPO business

Bank Islam Malaysia Bhd is expanding its corporate investment banking business to include initial public offerings (IPOs) as part of its expansion drive.

CIMB Wealth Advisors Targets RM25 Million Premium This Year

CIMB Wealth Advisors Bhd aims to secure RM25 million premium this year from insurance and takaful products, chief executive officer Tan Beng Wah said on Monday.

7th IFSB Summit: "Global Financial Architecture: Challenges for Islamic Finance"

The Islamic Financial Services Board (IFSB) is organising its 7th Summit on 4 - 5 May 2010 in Manama, Bahrain. The Central Bank of Bahrain is hosting the Summit, which is themed: "Global Financial Architecture: Challenges for Islamic Finance".

Malaysia Is World's Top Sukuk Listing Destination - Bursa Malaysia Attracted USD 17.6 Billion In Sukuk Listings In 2009

Bursa Malaysia topped the world’s exchanges in terms of value of sukuk programme listings in 2009, recording a total of USD17.6 billion. Since its inaugural sukuk listing in August 2009, the Exchange listed 12 sukuk by end of December 2009 which contributed towards this development.

Ingress seeks extension for sukuk

Ingress Sukuk Bhd (ISB) has issued a notice to the holders of the sukuk convening a meeting of sukukholders on Jan 6, 2010 to consider an extraordinary resolution to extend the maturity date of the first tranche of the sukuk due on Jan 9, 2010 to July 9, 2010 to enable the company to finalise the restructuring plan for the sukuk.

CIMB launches Islamic commodities fund

CIMB-Principal Asset Management Bhd today launched it's CIMB Islamic Global Commodities Equity Fund, with a fund size of 600 million units, to tap into the tremendous growth opportunities in the commodities sector.

KFH: ‘No legally binding’ pact to buy YNH's RM920mil property

Kuwait Finance House (M) Bhd (KFH) has refuted YNH Property Bhd’s claim that it is in a legally binding agreement with the latter and can be made liable for backing out of a deal to purchase Menara YNH, a 45-storey office tower worth RM920mil.

Malaysian scholars declares organised tawarruq permissible

Organised and reverse tawarruq comply with Sharia, in the opinion of Engku Rabiah Adawiah Engku Ali who advises the central bank of Malaysia provided they involve the actual sale and delivery of goods.

Call for Papers "Waqf Laws & Management: Reality and Prospects"

CALL FOR PAPERS AND PARTICIPATION

for International Conference on
"Waqf Laws & Management: Reality and Prospects"

Jointly organized by

Management Centre (MC), Ahmad Ibrahim Kulliyyah of Laws (AIKOL) and International Institute for Muslim Unity (IIMU), International Islamic University Malaysia

Date:
20 / 22 October 2009

Venue:
Cultural Activity Centre (CAC),
International Islamic University Malaysia, Gombak Campus

You are cordially invited to contribute to the academic conference by writing a paper and sharing your valuable knowledge on one of the following dimensions of the conference:

Manulife applies for Takaful license

Insurer Manulife Holdings Bhd will submit an application before the end-October deadline for a takaful licence to tap into the growing Islamic insurance market. The plan by Manulife to seek a takaful licence is in line with the Government’s move to liberalise the financial sector and allow more takaful players into the market.

Group issues Sukuk in favour of CIMB Islamic Bank

BUMIPUTRA-Commerce Holdings Bhd, said it received approval from the Securities Commission for the sale of as much as RM 2 bn Sukuk, to be made availabl to CIMB Islamic Bank.

CIMB optimistic about Asian Sukuk

Sukuk sales in Asian currencies may jump in the next 6 months as companies compare borrowing costs and investors become more willing to accept risk in addition to favorable USD versus local currency credit spreads, according to CIMB.

Prudential Malaysia Records 17 % rie In New Business Sales

Prudential Assurance Malaysia Bhd (PAMB), part of UK-based Prudential Plc, has posted a 17 % growth in new business sales in first quarter 2009 compared to the same period last year. The company's new business annual premium equivalent (APE), which consists of retail life insurance sales and takaful contributions, rose to RM122 million from RM105 million previously.

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