IslamicFinance.de

The proposed merger of Malaysia Building Society Bhd (MBSB) and Bank Muamalat Malaysia Bhd, to create the country’s biggest standalone Islamic bank has fallen through. MBSB said on Tuesday that after a series of discussions and negotiations, the financial institution and the shareholders of Bank Muamalat -- DRB-Hicom Bhd and Khazanah Nasional Bhd – have not been able to reach an agreement on the terms and conditions of the proposed merger. Accordingly, the parties have mutually agreed to end all discussions and not proceed with the proposed merger. The deadline for the proposed merger between MBSB and Bank Muamalat was on Tuesday.