MNRB Holdings Bhd, parent company of Malaysian Re, Takaful Ikhlas Sdn Bhd and MNRB Retakaful Bhd, will be expanding its takaful business outside of Malaysia. It recently opened an office in Dubai to expand both its conventional & takaful products in the Middle East.
At a conference in Kuala Lumpur, Securities Commission chairman Zarinah Anwar discussed the possibility of drawing Shari'ah-compliant venture capital funds to the country. She asked "The question, therefore, is, how can Malaysia distinguish itself in the emerging market venture capital pool? Our belief is that Islamic venture capital provides that distinguishing factor". The full text of her speech is available from the Securities Commission website. Zarinah described how "venture capital is fundamentally consistent with core Islamic economic principles of active partnerships and risk taking," something Muhammad Saleem, a critic of current practices in Islamic finance has argued.
Malaysian Islamic banking is more advanced than Hong Kong and Singapore despite not being as large a financial center, says Parliamentary Secretary to the Finance Ministry Dr. Hilmi Yahaya.
$100 billion in sukuk are coming within the next five years say financial experts meeting in Bahrain next week.
Another article about the Islamic Finance World North America conference in Toronto which ends today. The article provides a description of some of the work that Anchor Finance Group does.