MALAYSIA - BANKING - CIMB Group launches Shariah-compliant securities services

asianbankingandfinance.net - It will comprise of four business units namely, Trustee Services and Products, Custody, Corporate Agency, and Fund Accounting. Speaking at the launch of the services, Badlisyah Abdul Ghani, Executive Director and Chief Executive Officer, CIMB Islamic said that in view of the burgeoning increase in global Islamic assets, there is an urgent need for the establishment of an integrated Islamic securities services platform. “Research has revealed that overall Islamic asset management industry has grown at an astronomical rate of 20% per annum, bringing it to amount to USD292 billion in 2009. The recent shift from traditional investments [such as equities and real estate funds] to investments in new alternative asset classes [such as shariah-compliant exchange traded funds and hedge funds] further evidences critical untapped opportunities for local and international service providers,” explained Badlisyah. Badlisyah revealed that the Group’s trustee services have garnered over 20 years of experience in numerous types of landmark investment schemes and customised trust solutions, all of which have earned them the credibility of being industry experts. 

Source : http://asianbankingandfinance.net/islamic-banking/more-news/cimb-group-launches-shariah-compliant-securities-services- Oct 18, 2011

MALAYSIA - CAPITAL MARKETS - SC revises Guidelines for corporate bonds, trust deeds and sukuk

The Securities Commission Malaysia (SC) today issued the revised Private Debt Securities (PDS) Guidelines, Sukuk Guidelines and Trust Deed Guidelines to enhance the regulatory framework for fundraising and product regulation in the Private Debt Securities and Sukuk markets.

The revised Sukuk Guidelines streamline the approval process and time-to-market for the issuance of corporate bonds and sukuk. The revisions also facilitate a more informed investment decision-making process with additional provisions to ensure greater disclosure of relevant information to investors.

The revised Sukuk Guidelines provide greater clarity on the application of Shariah rulings and principles endorsed by the SC�s Shariah Advisory Council in relation to Sukuk transactions while the Trust Deed Guidelines improves disclosure standards and protection for corporate bond and sukuk holders.

Malaysia is currently the largest sukuk market in the world, accounting for about 65% of the global issues, while the bond market is the 3rd largest as a percentage to GDP in Asia (ex-Japan). The revised Guidelines will help Malaysia maintain its leading position by continuously attracting both local and international issuers and investors into the corporate bond and sukuk markets.
 

The revised Private Debt Securities Guidelines, Sukuk Guidelines and Trust Deed Guidelines will supersede the Guidelines on the Offering of Private Debt Securities, Guidelines on the Offering of Islamic Securities, Guidelines on the Minimum Contents Requirements for Trust Deeds and all the related Practice Notes respectively. (source -Download Sukuk Guidelines - Trust Deeds - Private Debt Securities)