IslamicFinance.de

RHB Bank's Singapore branch completed the world’s largest Islamic bilateral hotel financing deal with the Royal Group, for a five-star luxury hotel valued at S$300mil (RM888.72mil). RHB Bank explained the rarity value of this deal was that hospitality-related assets were used for Islamic financing, which in the past was considered taboo as not all income is deemed to be Shariah compliant. RHB Bank Singapore head of Islamic banking Nazmi Camalxaman said RHB Bank Singapore was focusing on a niche and targeted market for Islamic financing. He pointed out that for the first time in five years, the government is expected to launch a site for hotel rooms as part of its Government Land Sales (GLS) programme in September 2018 amid a positive tourism outlook.