Kuala Lumpur

KL To Host Family Takaful Summit Next Week

Family Takaful Summit Malaysia will be held on June 23 and 24 in Malaysia. Over 500 takaful operators and agents would come together to discuss the growth potential for takaful in Malaysia and identify unique opportunities for players in the family takaful market.
Family takaful grew 28% annually over the last five years and now represents more than 80% of Malaysia's total takaful market.

Bank Muamalat still in merger mood

Although his attempt of courting Bank Islam Malaysia Bhd failed, Bank Muamalat Malaysia Bhd has still the strong desire to merge with a rival to build a mega Islamic bank.
The bank, however, is not in talks with any party currently.

Foreign Shariah advisories make their mark in Malaysian Islamic capital market

The latest list of Shariah advisers serving the local Islamic capital market (ICM) and registered by the Securities Commission of Malaysia (SC) reveales that five such individual foreign advisers are registered with the commission.
The list, published recently in Kuala Lumpur, displays that Malaysia has 45 individual Shariah advisers and 10 Shariah advisory companies registered with the commission, who are authorized to provide such advisory services to market players in the local ICM, which includes investment funds, asset management, unit trusts, sukuk, private debt securities and other fixed income instruments.

Alliance Islamic Bank Launches Shariah-compliant Family Takaful Investment-Linked Plan

Alliance Islamic Bank Bhd launched the Alliance Family Takaful Investment-Linked Plan.
In a statement tha bnak announced that this product launch is a collaboration between Alliance Islamic Bank Bhd with Takaful Ikhlas Sdn Bhd, and FWU Malaysia Sdn Bhd, a subsidiary of German-based financial services provider, FWU Group.

Ranhill unit issues RM800m sukuk

Ranhill Power Sdn Bhd has launched a RM800mil nominal value sukuk musharakah, with a tenure of between two and 15 years.
The issue raised will finance in full the redemption of the US$220 million guaranteed notes issued by Ranhill (L) Ltd and to fund the finance service reserve account requirements.

68 Per Cent Of Malaysians Worried About Retirement - HSBC Survey Shows

In a recent survey, HSBC shows that 68% of the Malaysians worry about their retirement. The survey contains interviews with more than 17,000 people in 17 countries.
The survey reveiles that although 69 per cent of Malaysians are looking forward for the freedom that retirement gives you, 24 per cent are concerned about the cost of caring for their parents in their old age.

Alfalah Consulting to organise Islamic wealth mgmt conference

Alfalah Consulting is the organizer of the KL Conference on Islamic Wealth Management 2011, that is going to take place on July 6, extending over two days.
The conference will expand subjects as key principles and avenues of Islamic wealth management, including Islamic wealth creation, accumulation, protection, distribution and purification in the wealth management cycle

HSBC Middle East eyeing Islamic bond issue - IFR

It seems that HSBC Middle East is going to meet investors in Asia and Europe for a potential sukuk issue. The meetings will take place in Singapore, Kuala Lumpur, Hong Kong and London.

FSTEP Nurtures Future Talents For Financial Services Sector

Lee Khee Joo, the Financial Sector Talent Enrichment Programme (FSTEP)'s head, underlined the fact that human capital was an essential enabler for the financial services sector as the industry required highly-qualified people to continue innovating and raising standards.
FSTEP trains and prepares highly-calibre graduates for employment in the finance sector throughout the entire year.
Lee stated that the industry will be challenged in overcoming the talent shortage, specifically in the Islamic finance sector. He added that Malaysian financial institutions would also benefit from growing business relationships between Malaysia and China as well as India.

HSBC Malaysia Sharpens Focus On Islamic Segment, More Products In The Pipeline

In order to further ride on the high demand for Shariah-based products in the country, HSBC Bank Malaysia Bhd will underline more the focus for Islamic banking.
Jonathan Addis, executive director and deputy chief executive officer, stated that HSBC Malaysia will continue to invest in the country by opening new branches while more Islamic-based offerings will be rolled out to cater to the growing demand for Shariah-based products.

Bursa Malaysia To Launch Sustainability Index Next Year

In order to get on with the promovation of he sustainability agenda for corporate Malaysia, Bursa Malaysia Bhd hopes to open up a sustainability index next year.
Presenting a paper on Sustainability Agenda for Corporate Malaysia, Selvarany Rasiah, Chief Regulatory Officer, stated that the index will be a catalyst for attracting more Socially Responsible Investment (SRI) funds to Malaysia.

Reims Management School launches Islamic Banking and Finance certificate program

Reims Management School (RMS) will launch a pioneering certificate program in Islamic Banking and Finance, that will be held in partnership with the International Centre for Education in Islamic Finance (INCEIF) in Kuala Lumpur, Malaysia.
The unicity of the programm consists in the fact that it offers both current students on the MSc in Finance and International Banking program, as well as executives, the possibility to study the Islamic banking system and capital markets.

TM issues RM150m Islamic commercial papers

TELEKOM MALAYSIA BHD posessed on the 25th April RM150 million of Islamic commercial papers (ICP).
It appears that the ICPs were the first tranche under the proposed RM2 billion ICP programnme and Islamic medium term notes.

1Malaysia Micro Protection Plan for the public

1Malaysia Micro Protection Plan (1MMPP) has been created to intensify accessibility and affordability of insurance and takaful protection for Malaysians.
It appears that the plan was mainly for small businesses, micro enterprises and individuals seeking accessible and affordable financial protection in managing unexpected events such as death, illnesses, accidents, fires and loss of property.
Four options will be provided: life insurance, family takaful, general insurance and general takaful.

Affin to convert Indonesia's Bank Ina into Islamic lender

PT Bank Ina Perdana, acquired by Affin Holdings Bhd, will be changed into an Islamic bank probably in two years time.
Kamarul Ariffin, chief executive officer (CEO), pointed out that this proccess will be done slowly.

KL to sell RM30b of railway sukuk

Malaysia wants to sell RM30 billion (S$12.48 billion) of local-currency Islamic bonds under a programme. The purpose is to help finance a mass-transit railway in Kuala Lumpur.
There is a possibility that domestic sources will subscribe to the sukuk issuance.
the estimation of the government on the cost of the network and rolling stock is RM48 billion. The railway will cover a 20-kilometre radius around Kuala Lumpur's city centre and carry two million passengers a day.

Bank Islam buys 20% stake in Sri Lanka bank

After completing its share-subscription exercise that gives the group a 20% stake in bank, it seems that Bank Islam Malaysia Bhd is now the single largest shareholder in Sri Lanka.
Based on the statement of managing director Datuk Seri Zukri Samat the total cost investment for the 20% stake in Amana Bank is RM22.6mil.

Najib Launches 2nd Capital MKT Masterplan, MKT To Be Worth RM5.8 Trillion In A Decade

Prime Minister Datuk Seri Najib Tun Razak exposed what CMP2 means: changes to the regulatory framework for fundraising and product regulation to slash unnecessary red tape and lead to faster turnaround of approvals. The purpose is to open the potential of the market.
At the "Invest Malaysia 2011" conference, Najib stated that there is a plan to increase the number of Proprietary Day Traders by almost threefold to enable more dealer representatives to become specialised traders.
Present at the conference were: Tun Mohamed Dzaiddin Haji Abdullah, chairman of Bursa Malaysia, Tnn Sri Dr Zeti Akhtar Aziz, Bank Negara Malaysia Governor, Tan Sri Zarinah Anwar, chairman of Securities Commission, Tan Sri Megat Zaharuddin Megat Mohd Nor, chairman of Maybank Goup, Datuk Tajuddin Atan, the new chief executive officer of Bursa Malaysia and Datuk Seri Abdul Wahid Omar, the chief executive officer of Maybank Group.

Takaful Malaysia Targets RM10 Million In Premiums For New Product

The newly-launched Takaful mySME plan is expected to bring an income of RM10 million over the next 12 months. Group Managing Director Datuk Mohamed Hassan Kamil announced that the targets in the beginning are small-and-medium enterprise (SME) sectors of light manufacturing, food and beverages, retail, offices and services.
Takaful Malaysia also singned a Memorandum of Understanding with SME Corp Malaysia that has the purpose to jointly educate and create awareness among SME entrepreneurs on the importance of solid risk management processes.

AmInvestment offers energy-themed product

The purpose of AmIslamic Bank Bhd is to ride on the growth of energy-themed commodities. Meanwhile the bank also wants to protect investors from the big unpredictability of the market with its latest offering,
AmEnergy Islamic Negotiable Instruments of Deposit (NID-i).
This product follows the conduct of oil, soyabean (biodiesel) and sugar (ethanol) and it is programed for two years.
But because the oil supplies are limited, so the merket is vulnerable, worldwide governments and corporations are looking out for alternative energy sources such as biofuels.

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