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LTH ventures overseas
Lembaga Tabung Haji has ventured into investing in overseas equities, with an allocation of up to RM500 million (US$136.24 million) for 2007, in order to provide higher returns to its depositors.
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Bank Muamalat on track
Bank Muamalat Malaysia is looking good to reach its targeted RM100 million (US$27.28 million) net profit in the financial year ending on the 21st December 2006.
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Public Bank profits
Public Bank Group recorded a pre-tax profit of RM1.75 billion (US$476.9 million) for the nine months ended the 30th September 2006, mainly due to the increase from the Islamic banking operations.
- Bank Islam clean state
Bank Islam started its current financial year with a clean slate, having made a one-off provision of not more than RM1.5 billion (US$408.5 million) in the previous year. The group hopes to be back in the black in 2007.
- Bank Islam purchase completed
Lembaga Tabung Haji and Dubai Investment Group have both finalized their purchases of 9% and 49% stakes respectively in Bank Islam. Dubai Investment Group wants to see Bank Islam Malaysia become one of the world's top Islamic banks.
- International Zakat Organization
Malaysia has expressed its willingness to host the International Zakat Organization. The Organization will be set up by Muslim countries to aid the poor.
- RHB Sakura renamed
RHB Sakura Merchant Bankers has been renamed RHB Investment Bank.
- SC approves fund increase
The Securities Commission has given the go ahead to Public Mutual to increase its first Islamic fund – Public Ittikal Fund (PAIF) – to 2.5 billion units from its previous 1.5 billion units.
- Islamic bond issue
The Securities Commission has approved the proposed RM100 million (US$27.13 million) Islamic debt issue by Boon Koon.
- Khazanah bonds listed on LFX
Khazanah Nasional's US$750 million Islamic exchangeable Sukuk issuance has been listed on the Labuan Financial Exchange (LFX).
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- Scomi Islamic notes approved
Scomi Group's 92.5%-owned KMCOB Capital has received approval from the Securities Commission to issue RM630 million (US$170.59 million) of Islamic debt notes for future operational requirements and to realign its borrowings.
- Fitch to buy into MARC
Fitch Ratings is looking to purchase an equity stake in Malaysian Rating Corporation (MARC) to bolster their existing partnership.
- SBC Islamic ops to grow
HSBC bank plans to further expand its Islamic operations in Malaysia, executive director and deputy chief executive officer Ian Ogilvie has stated.
- RHB Islamic international unit?
RHB Islamic Bank is considering setting up an international Islamic banking unit to tap the potential for Middle Eastern investors in search of quality assets.
- Mega-bank to launch Islamically
Bank of Tokyo Mitsubishi UFJ and Malaysia's CIMB Group will work together to launch Islamic financing operations and provide investment banking services for Japanese companies operating in Malaysia.
- RHB Unit Trust bond funds
RHB Unit Trust Management has declared income distributions of RM0.15 (US$0.041) per unit for the RHB Islamic Bond Fund.
- TM benefits from converted bonds
Khazanah Nasional successfully concluded its landmark issuance of US$750 million in convertible Islamic bonds, witnessing an oversubscription of six times the initial size (of US$500 million).
- KFHM launches new product
Bank Negara Malaysia has recently granted approved to Kuwait Finance House (Malaysia) for a financial management product – KFH Ijarah Rental Swap-I – a risk management tool suitable for customers with Ijarah financing arrangements that are either subject to fluctuations of the reference rates such as cost of funds, or fixed over the Ijarah or lease facility period.
- RM1 billion issuance for BIMB
BIMB Holdings is likely to raise more than RM1 billion (US$273.7 million) from a proposed restricted share issue, to recapitalize subsidiary Bank Islam Malaysia.
- New heights for Islamic banking
Malaysia's Islamic banking industry is ever-increasing, with fresh capital inflow of between RM3 billion (US$813.8 million) and RM4 billion (US$1.1 billion) into the country, says RHB Islamic Bank chief executive officer Khalid Bahaimia.
- Maybank Islamic branch in Johor
Maybank has launched its first fully fledged Islamic banking branch in Johor.
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