MALAYSIA - CAPITAL MARKETS - Bursa Malaysia losing its glitter

www.thesundaily.com - PETALING JAYA (June 25, 2012): Once considered the third-largest market in Asia after Tokyo and Hong Kong during the 1990s, Bursa Malaysia now needs to do more or risk falling further behind its competitors, analysts warned.
They said it's not enough to pay lip service to the goal of developing Bursa Malaysia into an attractive and competitive exchange in the region, but not act on it.
"In the early 1990s, Bursa Malaysia (then known as Kuala Lumpur Stock Exchange) used to be on par with Singapore's stock exchange (in terms of vibrancy). Back then, volume in the Singapore stock market was very much dependent on Malaysia when investors in Singapore were allowed to trade Malaysian shares on the CLOB (Central Limit Order Book system) market," said an analyst.  (source)

MALAYSIA - BANKING - CIMB takes aim at Goldman, JPMorgan

www.btimes.com.my - CIMB Group Holdings Bhd, Southeast Asia’s top-ranked investment bank over the past three years, is taking aim at a bigger market following its acquisition of some of Royal Bank of Scotland Group Plc’s operations in Asia.

The Malaysian company can now compete with rivals including Goldman Sachs Group Inc and JPMorgan Chase & Co for Asia- Pacific deals, Chief Executive Officer Nazir Razak said in an interview in Kuala Lumpur. CIMB agreed in April to buy most of Edinburgh-based RBS’s investment banking and cash equities businesses in the region for US$142 million.

The acquisition, which initially seemed to be an “audacious” idea, will complete the bank’s operations and help CIMB boost market capitalization to more than RM100 billion (US$31 billion) by 2015, Nazir said. That’s about 75 percent more than its current value. The Kuala Lumpur-based lender also targets becoming one of the top three Southeast Asian banks by assets and return on equity.  (source)

CHINA - INDEX - Component Changes Made to Dow Jones Islamic Market China/Hong Kong Titans 30 Index

www.marketwatch.com -LONDON, Jun 5, 2012 (GlobeNewswire via COMTEX) -- Dow Jones Indexes, a leading global index provider, today announced that Hong Kong's Alibaba.com Limited will be removed from the Dow Jones Islamic Market China/Hong Kong Titans 30 Index due to its acquisition by Alibaba Group Holding Limited.

Alibaba.com Limited will be replaced by Brilliance China Automotive Holdings Limited. Headquartered in Shenyang, China, Brilliance China Automotive Holdings Ltd. is engaged in manufacture and sale of minibuses and automotive components.

The changes in the Dow Jones Islamic Market China/Hong Kong Titans 30 Index will be effective as of the open of trading on Friday, June 8, 2012. (source)

SINGAPORE - BANKING - Mandiri Syariah opens up remittance services in Singapore

www.bisnis.com - JAKARTA: PT Bank Syariah Mandiri Indonesia launched the Transfer Funds For Beloved, a product delivery or remittance of money from Singapore to Indonesia.

In a Transfer of Funds for Indonesia Beloved (DUIT), Bank Syariah Mandiri (BSM) in collaboration with the Mass Express Pte, Ltd., sebuiah local remittance companies in Singapore.

Through this product, labor Indonesia (TKI) working in Singapore can send money to families in the homeland, which can be accepted at all bank branches and post office network, in just a few minutes.

In a press release received by Business, grand product launch was held in Singapore Indonesian School is located at Siglap Road, Singapore today.  (source)

HONG KONG - CAPITAL MARKETS - BONDS: Hong Kong welcomes sukuk rules

www.ifrasia.com - Market participants have welcomed Hong Kong’s move to introduce new rules for Islamic as an important step towards the development of its own Islamic bond market

Hong Kong launched on March 29 a two-month consultation on legislative amendments designed to level the playing field between conventional and Islamic products.

“It is an important step forward in the right direction as it will establish an appropriate infrastructure for Islamic products in Hong Kong,” said Davide Barzelai, a partner at Norton Rose. “It will level the playing field between Islamic and conventional bonds.”  (source)

HONG KONG - CAPITAL MARKETS - Hong Kong consults on Islamic bonds

www.cpifinancial.net - The Financial Services & the Treasury Bureau (FSTB) launched a consultation on 29 March 2012 on the proposed amendments to the Inland Revenue Ordinance and Stamp Duty Ordinance to promote Islamic bond, market development in Hong Kong SAR.

Secretary for Financial Services & the Treasury Professor KC Chan said the amendments seek to level the playing field for common types of Sukuk (Ijarah, Musharaka, Mudaraba and Murabaha) vis-a-vis their conventional counterparts in terms of profits tax, property tax and stamp duty liabilities. (source)

HONG KONG - CAPITAL MARKETS - P&M: HK prepares for Islamic bond market

www.ifre.com - The Hong Kong Government is dusting off its plans to build up an Islamic finance hub in the city, after it launched a two-month consultation on proposed amendments to make tax treatment more favourable for Islamic bonds.

The government is considering changes to the Inland Revenue Ordinance and Stamp Duty Ordinance to promote a local sukuk market.  (source)

HONG KONG - CAPITAL MARKETS- Hong Kong and Malaysia to Start Cross-Border Bond Trading System

www.bloomberg.net- The Hong Kong Monetary Authority will start a pilot platform with Bank Negara Malaysia and Euroclear Bank SA to spur trading of sukuk and Dim Sum bonds as the city aims to become China’s hub for Islamic finance and offshore yuan transactions.

The platform, which will start on March 30, will allow investors in Malaysia to buy yuan-denominated bonds in Hong Kong, Esmond Lee, executive director for financial infrastructure of the city’s de-facto central bank, told reporters today. Hong Kong investors would gain access to sukuks, or bonds that comply with Islam’s ban on paying interest, Lee said.  (source)

INDONESIA - BANKING - Affin’s H2 China target - Indonesia still ON

biz.thestar.com.my - It aims to offer Islamic banking there with Hong Kong’s BEA
KUALA LUMPUR: Affin Holdings Bhd expects its plan to set up Islamic banking operations in China to materialise in the second half of this year.
Deputy chairman Tan Sri Lodin Wok Kamaruddin said Affin Holdings would collaborate with its shareholder, Hong Kong-based Bank of East Asia Ltd (BEA), to offer Islamic banking products in China.
BEA, which holds some 23% of Affin Holdings, is the biggest foreign bank in China. (source)

MALAYSIA - PUBLICATIONS - Islamic Finance News : THE GUIDE 2012

Country Reports

Australia: The wait continues
Brunei Darussalam: Islamic banking and finance
China: The dragon stirs
Hong Kong: The gatekeeper
Indonesia: Playing catch-up
Japan: Reviewing priorities
Korea: Government intervention crucial
Malaysia: Cautiously optimistic
Singapore: High expectations
Thailand: Focusing on capital markets

The Full Guide 2012

HONG KONG - HK ready to roll

www.theislamicglobe.com - The Hong Kong government is pressing ahead with legislation to make it become an Islamic finance player.
Financial secretary, John Tsang, used his annual Budget speech to flag up the territory’s plans to amend current legislation and put Sukuk on an equal footing with conventional bonds.
He said: “We are close to finalizing the draft amendments to the relevant kegislation with a view to leveling the playing field for common types of Islamic bonds vis-à-vis their conventional counterparts as far as profits tax, property tax and stamp duty are concerned.” (source)

MALAYSIA - FINANCE - Public Mutual launching new Islamic fund tomorrow - Indonesia on the list for investments

KUALA LUMPUR: Public Mutual, Malaysia's largest private unit trust company with 91 funds under management, is launching a new Islamic fund, Public Islamic Savings Fund, tomorrow.

"As the fund focuses its investments mainly in the domestic market, it offers investors an opportunity to capitalise on Malaysia's resilient economic growth prospects in the medium to long-term," said its chief executive officer Yeoh Kim Hong in a statement today.  (source)

MALAYSIA - CAPITAL MARKETS - Malaysia Looks to Offshore Yuan Bond Market

WSJ Wall Street Journal - HONG KONG—The Malaysian government's investment holding arm Khazanah Nasional Bhd., which is looking to issue as much as $78.3 million in yuan-denominated Islamic trust certificates, or sukuk, will not price the bond Thursday due to volatile market conditions, people familiar with the situation said Thursday.

The planned bond issuance, which could make it the first quasi-sovereign Asian entity to tap the burgeoning yuan market outside of China, will have to wait until market conditions improve, the people said.(source)

MALAYSIA - CAPITAL MARKETS - IFR-Khazanah readies yuan-denominated sukuk

(The following story was in IFR Asia magazine, a Thomson Reuters publication, on Sept. 17.)

By Nethelie Wong

HONG KONG, Sept 17 (IFR) - Malaysia's Khazanah Nasional is set to make history through a small, but path-setting sukuk in the offshore renminbi market. Last week, the government investment arm mandated BOC International, CIMB Bank and RBS to lead the first-ever Islamic financing in Hong Kong's booming Dim Sum market. (source)

INDONESIA - BANKING - First Gulf Bank plans four Asia offices to boost financing role - private banking top priority - not concrete plans for Islamic banking yet - Indonesia on the list

Singapore: Abu Dhabi-based First Gulf Bank (FGB) plans to set up four more representative branches in southeast Asia in a push to play a bigger role in financing energy and commodities projects in the fast-growing region, the head of the lender's Singapore office said. (source)

MALAYSIA - TAKAFUL - Takaful Ehsan looks beyond Malaysia - also Indonesia

http://www.btimes.com.my/Current_News/BTIMES/articles/ehsan11/Article/index_html

KUALA LUMPUR: ING Public Takaful Ehsan Bhd has set its sights on penetrating the overseas takaful market by 2015, said its top executive.

The Islamic insurance operator plans to leverage on its shareholders, ING and Public Bank, which has presence in several global market such as India, China, Indonesia and Indochina.

"A significant strategy of Takaful Ehsan is to embark on a global market penetration strategy after three years in operation," chief executive Saiful Yazan Ahmad told Business Times in a recent interview. (source)

MALAYSIA - CAPITAL MARKETS - Public Bank To Launch Three New Funds

KUALA LUMPUR, Sept 5 (Bernama) -- Public Bank will be launching three news funds on Tuesday, namely PB Asia Emerging Growth Fund, PB Bond Fund and PB Sukuk Fund, which will be managed by its wholly owned subsidiary, Public Mutual.

Public Mutual's Chief Executive Officer Yeoh Kim Hong, in a statement today, said the growth prospects for Asia were supported by resilient consumption expenditure amid sustained income levels, rising urbanisation rates and favourable demographic trends. (source)

INDONESIA - BANKING - Maybank To Increase Branches In Indonesia To 450 Over Next Two Years

KUALA LUMPUR, July 22 (Bernama) -- Malayan Banking Bhd (Maybank) plans to increase its branches under the group in Indonesia to 450 over the next two years from the present 330.

President/Chief Executive Officer Datuk Seri Abdul Wahid Omar said the plan was in sync with the bank's focus to expand in the Asean region, particularly Indonesia, Singapore and the Philippines.

"We have defined our focus which is Asean. We will concentrate on that. (source)

MALAYSIA - FINANCE - Public Mutual launches two new Islamic funds that will focus on the domestic market (also Indonesia)

KUCHING: Public Bank Bhd’s wholly-owned subsidiary, Public Mutual Bhd (Public Mutual) is launching two new Islamic funds, namely the Public Islamic Treasures Growth Fund (PITGF) and Public Sukuk Fund (PSKF) today. (source)

BRUNEI - BANKING - Maybank Islamic eyes ties with Brunei banks

MAYBANK Islamic plans to explore collaborations with banks in Brunei, Middle East, Hong Kong and China in a bid to promote Islamic finance.

Maybank Islamic yesterday said it had signed a memorandum of understanding with Indonesia's Bank Syariah Mandiri to establish cross-border collaboration in all Islamic treasury and trade finance matters.

Maybank Islamic said the collaboration would set the terms of cooperation between the two institutions in relation to enhancing cross-border liquidity flows and, as well as, increasing and diversifying the application of Islamic financial solutions. (source)