Decision delayed for RHB & RHB Capital
Both Kuwait Finance House and EON Capital say they will have to wait for a decision by Rashid Hussain Bhd (RHB) over their respective offers. KFH Managing Director Salman Younis said negotiations are still ongoing and should be completed within 10 days. EON Capital will allow RHB to have until March 9 to make a decision on the EON offer for RHB Capital.
KFH made its original offer on February 6 and EON Capital followed with its offer on February 7.
Lloyd's opens Labuan office, plans retakaful
The large insurer Lloyd's of London opened an offshore office in Labuan after receiving approval from the Labuan Offshore Financial Services Authority. The insurer plans to offer retakaful (Islamic reinsurance) in the near future according to chairman Lord Peter Levene.
MIFC to license International Islamic Banks and extend full tax exemption for 10 years
The International Islamic Banks will be able to offer foreign-currency denominated products under a Malaysian International Financial Centre (MIFC) initiative where Islamic financial instutions set up an "International Currency Business Unit", which is fully exempt from taxation for 10 years. Foreign banks are being invited to open Islamic banks within the country in moves designed to solidify Malaysia's role as an Islamic finance hub.