Thursday, March 15, 2007

KFH may run RHB as Islamic Bank, new Islamic subsidiary & Shari'ah-compliant fund

EPF may choose KFH as strategic partner for RHB

Employees Provident Fund, the Malaysian state-run pension fund which agreed to purchase Utama Banking Group's 32.8 percent stake of Rashid Hussain Bhd, announced it will reduce the company's debts, in part by selling buildings and reducing the size of RHB and delisting its shares. RHB Capital, of which RHB owns 65 percent, will remain listed. EPF also announced it is considering choosing Kuwait Finance House (KFH) as its strategic partner to manage RHB Capital. Azlan Zainol, chief executive of EPF, told Bernama that "I think [KFH will be a good partner]. It will augur well in helping Malaysia [become] an Islamic Finance Hub".

Public Bank Bhd to open Islamic banking unit

Public Bank Bhd, a Malaysian bank with branches in Malaysia, China, Hong Kong and Cambodia, will open its Islamic banking subsidiary around the end of 2007. The bank currently offers Islamic banking within Malaysia.

CIMB opens fund in Brunei

The Malaysian banking firm, CIMB Group now offers a CIMB Islamic Imtiyaz Liquidity Fund USD in Brunei.

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