Thursday, December 30, 2010
MEDIA HIGHLIGHTS: Bank Negara still assessing Islamic mega bank bids
Malaysia’s central bank said yesterday it was still reviewing offers to set up mega Islamic banks, suggesting it could miss its target of awarding a licence this year as the industry struggles to create a well-capitalized syariah lender. It is offering up to 2 new Islamic banking licences to foreign firms to set up banks, with at least USD1bn of paid-up capital. (StarBiz)
Friday, December 10, 2010
Lim: Tap Islamic finance JV with Chinese firms
Islamic finance could possibly be the first area to kick-start a joint venture between Malaysian and Chinese capital market intermediaries, said Deputy Finance Minister Datuk Donald Lim Siang Chai.
He said that Islamic finance was Malaysia’s key strength and represented an attractive market segment for the local intermediaries to bring to China.
“In this regard, I strongly urge Malaysian intermediaries to explore any joint-venture opportunity with Chinese intermediaries,” he said in his keynote address at the conclusion of the 15th Malaysian Capital Market Summit in Kuala Lumpur yesterday.
Lim stressed that such joint ventures could create greater capital market flows between both countries.
He said the leading market intermediaries in the segment would be able to play a large role in growing Islamic finance in China.
“This can be done by sharing the experience, knowledge and expertise with relevant Chinese players to build their investment appetite for the asset class,” he said.
In September last year, China awarded the first Islamic banking licence to Bank of Ningxia, marking its venture into Islamic market products to provide a new asset class to its investors. — Bernama
Meanwhile, bilateral trade between Malaysia and China in the last decade has grown rapidly, registering an average growth rate of 25 per cent annually.
Lim said the improving economic conditions after the global financial crisis and the China-ASEAN Free Trade Agreement, Malaysia has overtaken Singapore as China’s number one trading partner in South East Asia.
China has also become Malaysia’s largest trading partner.
The 15th Malaysian Capital Summit is an annual event organised by the Asian Strategy and Leadership Institute.
The event was supported by the Securities Commission of Malaysia, Bursa Malaysia and other government and non-government associations.BERNAMA
He said that Islamic finance was Malaysia’s key strength and represented an attractive market segment for the local intermediaries to bring to China.
“In this regard, I strongly urge Malaysian intermediaries to explore any joint-venture opportunity with Chinese intermediaries,” he said in his keynote address at the conclusion of the 15th Malaysian Capital Market Summit in Kuala Lumpur yesterday.
Lim stressed that such joint ventures could create greater capital market flows between both countries.
He said the leading market intermediaries in the segment would be able to play a large role in growing Islamic finance in China.
“This can be done by sharing the experience, knowledge and expertise with relevant Chinese players to build their investment appetite for the asset class,” he said.
In September last year, China awarded the first Islamic banking licence to Bank of Ningxia, marking its venture into Islamic market products to provide a new asset class to its investors. — Bernama
Meanwhile, bilateral trade between Malaysia and China in the last decade has grown rapidly, registering an average growth rate of 25 per cent annually.
Lim said the improving economic conditions after the global financial crisis and the China-ASEAN Free Trade Agreement, Malaysia has overtaken Singapore as China’s number one trading partner in South East Asia.
China has also become Malaysia’s largest trading partner.
The 15th Malaysian Capital Summit is an annual event organised by the Asian Strategy and Leadership Institute.
The event was supported by the Securities Commission of Malaysia, Bursa Malaysia and other government and non-government associations.BERNAMA
Monday, December 6, 2010
HSBC Amanah: Islamic REITs drawing Gulf investors
DUBAI: More syariah-compliant real estate investment trusts (REITs) will come to market in Asia in early 2011 as cross-regional Islamic investors increasingly embrace the product, HSBC Amanah Malaysia's new head said.
Singapore's first syariah-compliant REIT, Sabana REIT, listed last Friday, has drawn a mixture of both conventional and Islamic investors, a quarter of them from the Middle East, chief executive officer Rafe Haneef said last Friday.
"The take-up (among Gulf investors) for future Islamic REITs will be a lot greater than that," said Haneef, who is also managing director of global markets for HSBC Amanah.
"At the moment there is no timeline for when other issuers will come out with Islamic REITs, but I would expect more in the first or second quarter of next year," he said.
HSBC Amanah was exploring other Islamic REIT opportunities in Malaysia and Singapore, Haneef said, noting it was financial adviser for the Sabana REIT initial public offering (IPO).
Sabana REIT sold 508 million units at S$1.05 (RM2.51) each in its IPO last week. The IPO was 2.5-times subscribed. Sabana REIT's shares closed at S$1.02 (RM2.44) on the Singapore stock market, after being weighed down by jittery market sentiment. - Reuters
Singapore's first syariah-compliant REIT, Sabana REIT, listed last Friday, has drawn a mixture of both conventional and Islamic investors, a quarter of them from the Middle East, chief executive officer Rafe Haneef said last Friday.
"The take-up (among Gulf investors) for future Islamic REITs will be a lot greater than that," said Haneef, who is also managing director of global markets for HSBC Amanah.
"At the moment there is no timeline for when other issuers will come out with Islamic REITs, but I would expect more in the first or second quarter of next year," he said.
HSBC Amanah was exploring other Islamic REIT opportunities in Malaysia and Singapore, Haneef said, noting it was financial adviser for the Sabana REIT initial public offering (IPO).
Sabana REIT sold 508 million units at S$1.05 (RM2.51) each in its IPO last week. The IPO was 2.5-times subscribed. Sabana REIT's shares closed at S$1.02 (RM2.44) on the Singapore stock market, after being weighed down by jittery market sentiment. - Reuters
Subscribe to:
Posts (Atom)
