IslamicFinance.de

Great Eastern Takaful Sdn targets RM20mil of total weighted contribution from its new product, i-Great Idaman. The family Takaful term plan provides biennial cash payout combined with protection. The group expects to get about 5,000 to 6,000 customers within the one year of the launch. According to Great Eastern Takaful chief executive officer Zafri Ab Halim the target market were individuals with middle to high income. He added that the product was suitable for people who already have medical protection and are seeking for other type of offerings.

Islamic finance activity has been growing 14 percent per year, with Islamic finance assets exceeding $1.1 trillion in cumulative value in 2011.Such growth has pushed more educational institutions into creating degree programs in Islamic finance. In 2005, the International Islamic University Malaysia created an Islamic banking institute that offers students Master of Science and doctoral degrees in the subject, among other universities. The classes are aimed at both familiarizing students with the history of Islamic banking products, and encouraging them to think about developing more contemporary services.

Malaysia is dominating global sales of sukuk in 2013 and Standard & Poor’s forecasts the trend will continue this year. Issuance in the Southeast Asian currency may account for more than 74 per cent of worldwide offerings, compared with 49 per cent in 2008. Global sales of Shariah-compliant notes, including government securities, may exceed US$100 billion in 2013 after rising 64 per cent to US$138 billion last year. Malaysia’s Islamic banking assets climbed 14 per cent last year to a record RM494.6 billion. Moreover, Shariah insurers, or takaful operators, saw assets rise 12 per cent to RM19 billion.

Bank Syariah Mandiri is targeting its profit to increase 50 percent this year as it seeks to boost its branches across Indonesia. Yuslam Fauzi, president director of BSM, said that the lender aims to reach profit of Rp 1.2 trillion ($123.7 million) this year from Rp 800 billion last year. He added that the bank's assets also increased to Rp 55 trillion. However, shares of Bank Mandiri fell 0.5 percent to Rp 9,550 on the Indonesia Stock Exchange on Friday.

Islamic banks in Malaysia and Indonesia are opening new branches in rural areas as they target the newly rich in Southeast Asia’s largest Muslim nations. HSBC Amanah Malaysia Bhd added 22 outlets in the last three years, bringing the total to 26 across the country. PT BRI Syariah, a unit of PT Bank Rakyat Indonesia, will set up 94 branches in 2013 to meet demand in smaller cities. The bank predicts its shariah-compliant savings will increase 73 per cent to a record 19 trillion rupiah (US$1.9 billion). Besides, increasing savings may help spur demand for sukuk as banks look to invest their funds and boost returns.

Kuwait Finance House (KFH Malaysia) has appointed Datuk Seri Abdul Hamidy Abdul Hafiz as its CEO effective today.
Datuk Jamelah Jamaluddin, who has helmed the bank since 2010 as the CEO, would now assume the role of managing director of Kuwait Finance House (Labuan). The changes were part of the group's overall strategy to restructure its business, strengthen its presence in the Asia-Pacific region by focusing on investment banking and fee-based income. Hamidy will grow KFH Malaysia's banking business and fund-based activities, Jamelah will drive the region's capital market, investment banking and fee-based activities for the group.

Mark Mobius will lead the Templeton Shariah Asian Growth Fund that is to be launched at the end of this month by investment house Franklin Templeton. The initial seed capital of the fund is $5mn. Mobius expects the sector to grow significantly in the coming years. Franklin Templeton is also launching a Global Sukuk Fund, with $20mn of seed money to invest in Islamic bonds, and a Shariah Global Equity Fund, with $5mn of initial capital.

Al-Arafah Islami Bank Ltd has provided scholarship worth more than Tk 1.85 million to the poor and meritorious students of Kurmitola High School recently under its corporate social responsibility activities. Chairman of the Bank Badiur Rahman handed over the scholarship cheques to the students. The ceremony was addressed by founder Chairman of the Bank Alhajj A Z M Shamsul Alam among others.

In 2009 and 2010, one survey found that 97 percent of people in Russia who were mainly Muslim or from an Islamic background were interested in using an Islamic bank. Of that 97 percent, 40 reside in Moscow. Though not formally allowed to be practiced in America or Russia, it's still growing at an annual rate of around 15 to 20 percent. However, there are still a few roadblocks to clear before Islamic finance can achieve its true potential in Russia. Islamic banking regulations and laws have to be introduced, then job creation, investment diversification, and foreign investment could serve to give the Russian economy a boost.

Talks between BIMB Holdings and the Dubai Financial Group (DFG) over the latter's 30.5% stake in Bank Islam Malaysia have stalled. This is because a long-awaited plan by BIMB to transfer its listing status to Bank Islam is nearing fruition, a prospect DFG finds more attractive than hiving off its interest to pare down debts. The bigger picture, however, is that pilgrim fund Lembaga Tabung Haji, the parent to both BIMB and Bank Islam, is revisiting the idea of a mega Islamic bank involving a merger between BIMB and Bank Muamalat Malaysia. Bank Islam managing director Datuk Seri Zukri Samat said the lender might carry out an initial public offering (IPO) within a year or two.

Bank Islam Malaysia targets its financing segment to grow about 20 per cent to 25 per cent this year. Its Director of Business Development Khairul Kamarudin said the target would be achieved through the introduction of four new products related to technology and microfinancing. He added that all the products will be novelty to the market. However, the bank has not obtain any regulatory approvals yet. Khairul said the bank is also targeting to reduce further its non-performing loan (NPL) ratio and to increase its retail deposits by 15 per cent this year.

· To coordinate the planning process including monthly & quarterly forecast, annual budgets.
· To perform analysis including the development of Key Performance Indicator (KPI) for the Department.
· To monitor the industry trends and identifying growth opportunities.
· To realign and reengineering the department's process flow and facilitate changes whenever required.
· To develop a reporting framework for management and other stakeholders of the Bank.

• To assist in managing RHBIB’s Shariah internal control activities.
• To assist in managing the post approval Shariah review activities on Islamic finance business activities.
• To prepare periodical Shariah Review report which will be submitted to relevant authorities as stipulated in Shariah Framework.

Key Skills Well versed with the Takaful Act and Shariah fundamental.
Responsibilities:
· Report to Business Development Manager, Partnership Distribution
· Responsible to assist in achieving sales deliverables, executing set business plan, focusing on building relationship with partners.
· Undertaking business development activities i.e. new business acquisition and customer retention, rapport building, sales campaign and seminars, incentive program, etc. [...]

· Assist Head of Actuarial and Product Development in carrying out all his duties including statutory and managerial roles
· Ensure all actuarial task relations to new product development and pricing is carried out according to BNM and company guidelines.
· Provide actuarial support to Finance, Operations, Marketing and other departments including external partners
· Train and develop junior staffs

Malaysia Minister of Finance II Y.B. Dato' Seri Ahmad Husni Mohamad Hanadzlah launched "Labuan IBFC Wealth Management Year 2013". He said Labuan IBFC has grown in the last two years, from 2010 to 2012. The total value of assets for banking and leasing sectors, as well as insurance premiums collected by Labuan IBFC licensed institutions, in aggregate grew to USD76.2 billion or RM236.3 billion. This represents an average annual growth of 13.5%. Moreover, the Asian Development Bank recommended LIBFC Foundation as the holding entity to domicile the USD485 million ASEAN Infrastructure Fund in Labuan last year. For the future, the introduction of a broad range of capital market products needs to be facilitated. Furthermore, a competitive investment management industry has to be established.

Strategy and Planning

• Provide expert advice and support to Head, Islamic Banking in relation to Islamic Banking’s financial position and control.

• Ensure that the organisation delivers reasonable returns on shareholders’ capital.

• Understand the needs and functions of Islamic Banking SBUs/SFUs to develop an effective management information system to support the Bank’s goals.

• Oversee the SBU/SFU financial reporting needs and requirements and provide timely and accurate financial information to aid decision making.

• Ensure appropriate cascading of business targets to the SBU.

• Strategic planning and control to help achieve financial goals and targets of the SBU.

A leadership position with foreign bank in KL to manage Islamic branches to achieve the targets / standards for sales, service quality and risk management.

Capital Markets, Islamic Finance
You will be part of the common pool of the existing team, helping to execute on private equity investment and corporate advisory assignments across the region.

•Conduct sector research as well as perform research on potential investment opportunities
•Support due diligence process and build financial models
•Support deal processes, dealing with both external and internal parties
•Assist the deal team in pitching for a wide range of assignments, identifying potential opportunities as well as executing transactions
Requirements

Alliance Financial Group (AFG) is selling its 30% stake in AFG Takaful to American International Assurance. The stake comprises 30 million shares of RM1 each, and is being sold for RM45mil. AIA AFG Takaful's core business is to carry out family takaful business. AFG said the disposal was not expected to have any material effect on AFG's net assets per share, earnings per share and gearing of AFG for FY ending March 31, 2013.