Islamic bond deal kicks off
It was believed that the convertible Islamic bonds that Khazanah Nasional was raising may be worth over US$750 million (RM2.76 billion).
Islamic sale for SPNB?
CIMB Investment Bank was believed to be lead arranger for a US$407.4 million (RM1.5 billion) bond sale for the Finance Ministry-owned Syarikat Prasarana Negara (SPNB).
Public Mutual Fund launched
Public Mutual launched its first global fund, the Public Global Select Fund (PGSF), which seeks long-term capital appreciation by investing in equities and collective investment schemes in the domestic and global market.
Bank Islam fulfills condition
BIMB Holdings announced that the increase in provisions in its banking unit would not exceed US$412.8 million (RM1.52 billion) for the reporting period from December 2005 to September 2006 – a condition precedent on the material adverse change contained in the subscription agreement with Dubai Financial.
KL Sentral to sell Islamic bonds
Construction firm Kuala Lumpur Sentral announced it
would sell US$190.22 million (RM700 million) worth of Islamic bonds, with maturities of up to 7 years, to refinance existing debt.
KNM Group Islamic notes
KNM Group announced plans to increase its annual capacity by 30% by using half of its US$81.54 million (RM300 million) Islamic commercial papers/Islamic medium-term notes to fund its expansion into Brazil and China.
Unit trust fund launched
Amanah Raya Unit Trust Management (ARUTM) expected its first two unit trust funds, one of which was Islamic, to be fully subscribed within three to four months.
Bank Islam revamp
Bank Islam is reported to be planning a major revamp of its business model and its processes in order to move forward and compete effectively in the marketplace.
AlSalam ventures into Malaysian realty mart
Bahrain-based AlSalam Bank entered into an agreement to develop luxury sea-fronting villas on Penang island. The Malaysian companies involved are CMREF 1, a private real estate fund managed by CIMB-Mapletree Management and E&O Property Development. The joint venture is funded Islamically, with CIMB Islamic as the Shariah advisor.
PLUS sells two-part bonds
Toll highway operator PLUS Expressways sold US$183.6 million (RM675 million) of its two-part 14-year Shariah compliant zero coupon bonds and US$190.6 million (RM700 million) in 15-year Islamic paper.
KFH sells US$250 million Islamic bonds
Kuwait Finance House Malaysia will sell Islamic bonds for a Chinese firm in November. The Sukuk is estimated
between US$200 million (RM737 million) and US$250 million (RM921.32 million), and is the first for a company from China.
StanChart boosts Islamic banking
Standard Chartered Bank Malaysia expressed its desire to further develop its Islamic banking segment. “For every conventional retail product, we will have a corresponding Islamic banking product,” claimed Malaysia’s country head of consumer banking, Srinivasan Shyam.
Aseambankers to expand services
Aseambankers Malaysia announced it would expand its services to Brunei, Singapore and Indonesia, amongst other regional markets.
Sukuk for Sarawak Enterprise
Sarawak Power Generation and Mukah Power Generation received approval from the Securities Commission to issue US$58.87 million (RM215 million) Sukuk Musharakah and US$260.14 million (RM950 million) Sukuk Mudharabah respectively.
New standards for Islamic banks
The Islamic Financial Services Board (IFSB) is determined to get local Islamic banks to adopt internationally recognized capital standards and improve risk management system measures to ensure they operate in a prudent manner.
Islamic plantation REIT
Boustead Holdings and Boustead Properties announced plans to jointly establish a US$136 million (RM500 million) Islamic plantation real estate investment trust named Al-Hadharah Boustead REIT.
Sabah ports Islamic issue
Suria Capital Holdings’ unit Sabah Ports proposed the issue of US$40.76 million (RM150 million) Islamic securities to finance capital expenditure and for working capital requirements.
Bond issue oversubscribed
ABN AMRO Bank’s US$95.4 million (RM350 million) fixed rate bond issue for RHB Capital completed 1.7 times oversubscribed.
Asian Finance Bank to begin in 2006
Asian Finance Bank, a new bank backed by three leading Middle Eastern financial institutions, announced it will begin operations in Kuala Lumpur at the end of the year.
Permodalan launches I-REIT
Permodalan announced plans to launch a US$272 million (RM1 billion) Islamic REIT.
Islamic bond launched
A five-year Sukuk was issued by the National Industries Company for Building Material in Kuala Lumpur, and may be listed on the Irish Stock Exchange.
CIMB takes the lead
CIMB took the baton in the race to lead manage Japanese Bank for International Cooperation’s (JBIC) Sukuk issue in Malaysia.
IDB ringgit bond planned
The Islamic Development Bank (IDB) will sell a maiden Shariah compliant Malaysian ringgit denominated bond of up to US$272 million (RM1 billion) early in 2007.
Scomi to issue Islamic bond
Oil and gas services provider Scomi group bought KMCOB Capital to use as a special purpose vehicle to enable future fundraising, to include its proposed Islamic bonds.
Engineer plans Islamic debt
Malaysian engineer MMC Corporation announced plans to issue US$2.2 billion (RM8 billion) of Islamic debt to fund the buyout of energy firm Malakoff.
CIMB Group launched
Universal banking group CIMB Group was launched, marking the culmination of the three-way merger of Commerce International Merchant Bankers (CIMB), Bumiputera-Commerce Bank and Southern Bank.
LOFSA to study Islamic convention
The Labuan Offshore Financial Services Authority (LOFSA) will study the development of an Islamic model tax convention, like the Organization for Economic Co-operation and Development’s double taxation agreement.
TAKAFUL briefs
Two re-Takaful licenses approved
Bank Negara has approved two applications for re-Takaful licenses.
Both Munich Re and MNRB Holdings will now be permitted to conduct general and family re-Takaful business in Malaysia.
New HSBC products
HSBC Amanah Takaful (Malaysia) will introduce personal accident, mortgage reducing term assurance Takaful products and credit protection for Islamic loans at the end of this year.
e-IKHLAS aims high
Takaful Ikhlas is targeting US$272 million (RM1 billion) in premium for its internet-based Takaful service – e-IKHLAS – in this financial year.
Islamic deposits insurance panel
Malaysia Deposit Insurance Corporation (MDIC) will lead the establishment of an international committee for Islamic deposits insurance during the International Association of Deposits Insurers (IADI) meeting in Kuala Lumpur.
Tax breaks encourage industry
The 10-year tax holidays on income from Takaful businesses conducted in international currencies announced in Malaysia’s 2007 Budget were met with enthusiasm from the nation’s Takaful operators.
New way into Takaful
Conventional insurers may be permitted to jointly set up international re-Takaful companies in Malaysia if a proposed initiative by Bank Negara Malaysia goes ahead.
IFSB adds Takaful members
The Islamic Financial Services Board (IFSB) announced six new members, including Malaysia Deposit Insurance Corporation as an associate member, bringing the total number of members to 94.
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