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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.

HwangDBS Investment Management Bhd launched its first local sukuk fund, HwangDBS AIIMAN Sukuk Fund (ASF).

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.

Cyprus listed SFS Group and Kuwait Finance House (Malaysia) aim to launch a USD 150 mn fund. Fund's objective is to invest directly in shipping assets and primarily in vessels to be chartered out on a long-term basis to top league charterers. The fund will be established through a limited partnership in the Cayman Islands before the end of 2009.

Ab Jabar Ab Rahman is the deputy chief executive officer of Kuwait Finance House (Malaysia) Berhad.

i-VCAP Management Sdn Bhd announced it has received approval from the Securities Commission to operate as an Islamic fund management company. The firm is doing Islamic fund management under the general licence for some time.

Zainal Izlan Zainal Abidin is the CEO.

The Islamic Bank of Thailand (IBT) plans to rise between USD 70 mn to USD 200 mn via Sukuk in Malaysia and Middle East countries by this year. Malaysia's second largest banking group CIMB, and its newly acquired BankThai, had approached the IBT to launch the Sukuk bond in Malaysia.

EONCAP Islamic Bank Bhd is eyeing an 8 % growth in financing despite the economic slowdown. The bank has deposits and financing worth RM 4.3 bn and RM 4.8 bn respectively.

News Agency Bernama reported on 29 January that 3 new foreign Islamic fund management companies (IFMCs) have been approved by the Securities Commission to start operations in Malaysia:

The new companies are Aberdeen Islamic Asset Management Sdn Bhd, BNP Paribas Islamic Asset Management Sdn Bhd and Nomura Islamic Asset Management Sdn Bhd; the others who have been approved to establish operations are Kuwait Finance House (Malaysia), DBS Asset Management, CIMB-Principal Asset Management, Global Investment House and Reliance Asset Management.

Mahanum Abdul Aziz reported on 19 April on Bernama that Takaful Ikhlas Targets RM 70 mn in premium from its government housing loan scheme.

Syed Moheeb Syed Kamarulzaman is president and chief executive officer.

Source: http://www.bernama.com.my/bernama/state_news/news.php?id=327888&cat=st

Bernama reported on 18 April that Lingkaran Trans Kota Sdn Bhd (Litrak) fully redeems senior and junior debt issues.

RAM said, it will maintain surveillance on the AA2 ratings of Litrak's Sukuk Musyarakah Islamic Medium-Term Notes I Programme of up to RM1.15 billion and Sukuk Musyarakah Islamic Medium-Term II Programme up to RM300 million, as well as the P1 rating of the company's Islamic Commercial Papers Programme of up to RM100 million.

All the long-term ratings have a stable outlook, it said.

Source: http://www.bernama.com.my/bernama/v3/news_business.php?id=327699

Bernama reported on 26 March that Bank Negara Malaysia announced the establishment of the International Shariah Research Academy for Islamic Finance (ISRA) to promote applied research in the area of Sharia and Islamic finance. It will also act as a repository of knowledge for Sharia views or fatwas and undertake studies on contemporary issues in Islamic financial industry. ISRA will be part of the International Centre for Education in Islamic Finance (INCEIF).

A Council of Scholars, comprising local and international Syariah scholars will be set up. Dr Mohamad Akram Laldin will be appointed as the executive director of ISRA.

Source: http://www.bernama.com.my/bernama/v3/news_lite.php?id=322895