IslamicFinance.de

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.

Malaysia's top lender, Maybank, said it was not in talks to buy Dubai Islamic Investment Group's stake in Bank Islam, a deal that would have created the largest sharia compliant bank in the Asia-Pacific region. Dubai Islamic Investment Group, which is part of Dubai Group, was interested in selling its 40 percent stake in unlisted Bank Islam to Maybank Islamic, the banking sources added. Approached to comment on whether it was selling its stake, Dubai Group said that it "is a long-term strategic investor" in Bank Islam.