Malaysian palm oil REIT
Boustead Holdings Bhd announced a REIT holding eight Malaysian palm oil estates and two palm oil mills. It will be Shari'ah compliant, but there is not a description on how this will be accomplished since most REITs have higher debt that conventional Shari'ah standards allow.
Utama denies sale of RHB to KFH
While reports have indicated that Kuwait Finance House planned to purchase a 32.8% stake in RHB Group, the company currently owning the shares, Utama Banking Group, has denied the reports, but is seeking approval to negotiate the sale of the shares with another buyer, Primus Pacific Partners.
No international Shari'ah standards needed
AMEinfo reports that an unnamed Shari'ah scholar has stated that no unified Shari'ah standards are needed, but that a baseline set of standards that allow local differentiation would be preferable.
Increase transparency of IFIs--CBB Governor
The Central Bank of Bahrain's governor Rasheed Al Maraj said he wanted to see more transparency at Islamic financial institutions to increase the level of trust the institutions are held in by customers and potential customers. He was speaking at the two-day Shari'ah Conference for Islamic Financial Institutions.
Miscellany
Qatar National Bank's Islamic wing, QNB Al Islami, has announced plans to increase the number of branches.
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