IslamicFinance.de

News that Islamic Bank of Asia, a subsidiary of Singapore’s banking major DBS, will be closing down left the Islamic finance community in the city state baffled. The institution was founded just eight years ago by DBS to tap the Islamic finance potential in Southeast Asia and beyond – with $500mn of paid-up capital shared between DBS and prominent Gulf investors. However, DBS announced in a statement to the Singapore stock exchange on September 14 that IB Asia “will be gradually wound down as it was unable to achieve economies of scale.” The wind-down will likely take two to three years. The apparent failure of IB Asia has been partly attributed to Singapore’s lacklustre regulatory framework for Islamic finance and the absence of a larger local client base.

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

The Islamic Bank of Asia (IBA), a unit of DBS, said its CEO Vince Cook has quit for personal reasons and Friday is his last day with the bank.

The Islamic Bank of Asia, (IBA) a venture of Singapore’s DBS Group Holdings Ltd., aims to stop using London Metal Exchange transactions.The bank is in talks with Olam International Ltd. to use its trading in commodities such as rice, coffee, cotton and cocoa as the basis for financing.

Vincent Cook is CEO.

The USD Islamic Placement is similar to a conventional fixed deposit, except it is based on the Shariah principle of Murabaha, with a minimum of USD 500.000.

Islamic Bank of Asia reacts positive on the announcement that Malaysia would issue up to 6 new licences for foreign institutions.

CPIFinancial reported on 20 January that the Islamic Bank of Asia is one of the two Lead arranger for SGD 200 mn Sukuk Al-Ijarah Trust Certificate Issuance Programme from Monetary Authority of Singapore. The bank itself will be the first investor in the programme.

Vince Cook is the CEO of The Islamic Bank of Asia.