MALAYSIA - FINANCE - Bank Negara introduces new Islamic instrument

www.theborneopost.com -KUALA LUMPUR: Bank Negara yesterday announced introduction of a new Islamic monetary instrument, Collateralised Murabahah.
It said Collateralised Murabahah was essentially a syariah-compliant financing secured by assets in which the financier had the right to sell the asset should the client fail to repay the financing.
“It combines the widely accepted Murabahah financing transaction with sukuk (Islamic bond) that forms the pledged asset to back the transaction,” it said in a statement.  (source)

INDONESIA - TAKAFUL - BIMB to potentially gain from Indonesian takaful market

www.theborneopost.com - KUCHING: BIMB Holdings Bhd (BIMB) could potentially see significant takaful contributions in the Indonesian takaful market its stake hold in PT Takaful Indonesia (PT Takaful).
However, pending the outcome of potential regulations by Indonesia’s central bank, the current contributions from the country’s takaful segment would not be significant for the time being.
Maybank Investment Bank Bhd (Maybank IB) director of Equity Markets (Research) Desmond Ch’ng told The Borneo Post that while there might be uncertainty surrounding BIMB’s 65 per cent owned Syarikat Takaful Malaysia Bhd’s (STMB) shareholding in PT Takaful, he did not expect this to immediately affect Maybank IB’s earnings forecasts or valuations for BIMB. (full story)

MALAYSIA - APPOINTMENTS - Asian Finance Bank AFB appoints Salah as new chairman (also active in Indonesia)

KUALA LUMPUR: Asian Finance Bank (AFB) has appointed Salah Mohd I Al Jaidah as its new chairman, effective, Sept 15.

AFB in a statement yesterday said Salah was one of the earliest directors to be appointed to the AFB board and had been instrumental in steering the growth and development of the finance house. (source)