Jun 16 2011, 07:19 PM
Added on June 16, 2011, 7:23 pm
QUOTE(mofadz @ Jun 15 2011, 08:07 PM)
KUALA LUMPUR: Bank Negara Malaysia (BNM) said today that the Ministry of Finance has granted approval to issue a new international Islamic bank licence to Bahrain's Elaf Bank.
Elaf Bank is allowed to conduct a wide array of Islamic banking business in international currencies other than Malaysian Ringgit, said BNM in a statement.
The bank's presence in Malaysia will further stregthen the economic and financial linkages between Kuala Lumpur and Banrain and contribute further to the development of the Islamic financial system in Malaysia.
The bank on its website had announced that its first branch office will be located in Kuala Lumpur.
The branch office will be the center of operations for the bank in South East Asia, further extending the activities of the main branch headquartered in Bahrain, and giving Elaf Bank a competitive edge in both strategic markets.
It said the opening of the branch office in Malaysia is yet another step towards achieving the bank's vision to create "virtual corridors" among major Islamic finance hubs.
"Malaysia is viewed as an exemplary Islamic finance market, and has achieved the status of being recognized as the center for Islamic finance in South East Asia," it said.
Elaf Bank provides a wide range of financial services to clients involving investment banking, namely fund-raising advisory, mergers and acquisitions and asset management, and treasury and capital markets such as liquidity management, foreign exchange, investment, structured products and derivatives. - BERNAMA
If look on the other perspective, the decision to further give out license will intensify the competition in Islamic banking. This could lead to merger between these Islamic banks. Anyway, it could take years for this to materialize.Elaf Bank is allowed to conduct a wide array of Islamic banking business in international currencies other than Malaysian Ringgit, said BNM in a statement.
The bank's presence in Malaysia will further stregthen the economic and financial linkages between Kuala Lumpur and Banrain and contribute further to the development of the Islamic financial system in Malaysia.
The bank on its website had announced that its first branch office will be located in Kuala Lumpur.
The branch office will be the center of operations for the bank in South East Asia, further extending the activities of the main branch headquartered in Bahrain, and giving Elaf Bank a competitive edge in both strategic markets.
It said the opening of the branch office in Malaysia is yet another step towards achieving the bank's vision to create "virtual corridors" among major Islamic finance hubs.
"Malaysia is viewed as an exemplary Islamic finance market, and has achieved the status of being recognized as the center for Islamic finance in South East Asia," it said.
Elaf Bank provides a wide range of financial services to clients involving investment banking, namely fund-raising advisory, mergers and acquisitions and asset management, and treasury and capital markets such as liquidity management, foreign exchange, investment, structured products and derivatives. - BERNAMA
This post has been edited by staind: Jun 16 2011, 07:23 PM
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