Islamic finance has significant leakages into conventional finance - CIMB CEO
CIMB Group CEO Nazir Razak believes the Islamic financial system has significant leakage into non-Shari'ah-compliant assets. He was speaking at the Global Islamic Finance Forum in Kuala Lumpur, Malaysia. He was critical of the usage of proceeds from investment of deposits in commodity murabaha and the overpricing of sukuk in the Middle East when cheaper sukuk financing is available in Malaysia. The Malaysian Islamic interbank money market announced a new commodity murabaha product for liquidity management yesterday.
EPF seeks 2 strategic partners for RHB
Employees Provident Fund (EPF), the Malaysian state-run pension fund, is seeking two strategic partners for Rashid Hussain Bhd (RHB), the company in which it holds a 75 percent stake. One of the firms vying for a role in running the Islamic banking operations is Kuwait Finance House (KFH) which operates in Malaysia as Kuwait Finance House (Malaysia) Bhd
Other News
The Guardian Islamophonic podcast focuses on Islamic finance and speaks with Junaid Bhatti from the Islamic Bank of Britain, critic of Islamic finance Dr. Muhammad Saleem and the Economic Secretary of HM Treasury Ed Balls.
IFSB approves 10 year framework for Islamic finance.
Comments from Islamic finance professionals.
International Centre for Education in Islamic Finance (INCEIF) appoints Emirates Institute of Banking and Financial Studies (EIBFS) to offer its Certified Islamic Finance Professional (CIFP) course.
Khazanah Nasional Bhd, the investment holding arm of the Malaysian government, plans to reduce its holdings in government-linked companies (GLCs) by issuing sukuk.
Innovative new sukuk structures are needed to increase the size and appeal of the market.
The Malaysian Prime Minister Abdullah Badawi wants Malaysia to be a hub for Islamic finance.
Asian Finance Bank officially opens as the third foreign-owned Islamic bank in Malaysia.
Islamic funds are now easier to offer in both Malaysia and Dubai
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