The Islamic finance industry is becoming more sophisticated in attracting customers.
Description of Islamic finance and the tax changes the U.K. approved to draw Islamic finance to London in hopes of turning the city into the western hub of the industry.
Hong Leong Bank Bhd, the Malaysian bank, plans on expanding into Vietnam and Indonesia and is interested in a tie-up with a foreign Islamic ban.
Malayan Banking Bhd (Maybank) has secured Bank Negara Malaysia (BNM) approval for its Islamic banking subsidiary. BNM is the Malaysian central bank.
UEM World plans on using Islamic financing for projects in the Iskander Development Region (IDR)
Citibank Bhd, the Malaysian branch of Citigroup, plans on using Malaysia as its hub for new Islamic banking product development
The Malaysian Securities Commission (SC) and the Dubai Financial Services Authority (DFSA) are working together to develop standards for Islamic finance products that are mutually-recognized in Malaysia and the Gulf Cooperation Council (GCC)