Posts tagged as: Malaysia

Takaful Ikhlas To Focus On Group Insurance Schemes To Educate Malay Clients

Takaful Ikhlas To Focus On Group Insurance Schemes To Educate Malay Clients

Takaful Ikhlas will focus on group insurance schemes in efforts to educate more Malay clients on the importance of Islamic insurance policy and protection coverage. President and Chief Executive Officer Ab Latiff Abu Bakar said the Islamic insurance pe…

Wong & Partners Acts on $885 Million Bank Islam Deal

Wong & Partners Acts on $885 Million Bank Islam Deal

Wong & Partners is advising Malaysian investment company BIMB Holdings on its proposed $885 million takeover of Bank Islam. The deal is subject to shareholder and regulatory approvals, and will be financed by a $1.8 billion capital raise.
Kuala Lum…

Dubai Financial disposes of 30.5% stake in Bank Islam to BIMB for $550m

Dubai Financial disposes of 30.5% stake in Bank Islam to BIMB for $550m

Dubai Financial Group (DFG) has agreed to divest of its 30.5% stake in Bank Islam to BIMB Holdings in Malaysia, in a deal worth $550m. BIMB Holdings currently owns 49% stake of Bank Islam and the recent acquisition, which completed on 31 July 2013, wil…

IILM to issue debut sukuk of USD490m in August

IILM to issue debut sukuk of USD490m in August

Malaysia-based International Islamic Liquidity Management Corp (IILM) will issue its long-awaited sukuk programme worth $490 million (RM1.6 million) this month, offering tenors of three months. The dollar-denominated sukuk programme, rated "A-1" by S&a…

MAA Group, Zurich settle longtime dispute

MAA Group, Zurich settle longtime dispute

MAA Group will finally get to proceed with plans to buy new businesses after reaching a settlement agreement with Zurich Insurance Co. Under the settlement, Zurich has agreed to pay MAA Group RM103.43 million on top of the RM344 million acquisition pri…

Maybank Islamic aims to expand to all Asean countries

Maybank Islamic aims to expand to all Asean countries

Maybank Islamic Bhd, the Islamic banking arm of Malayan Banking Bhd (Maybank), aims to expand to all Asean member countries that Maybank has a presence in. According to its CEO Muzaffar Hisham, the bank intends to continue its regional expansion to oth…

IILM reshuffles Shariah board

IILM reshuffles Shariah board

The Malaysia-based International Islamic Liquidity Management Corp. (IILM) has reshuffled its Shariah board, losing four of its original six members. The IILM has been troubled by internal management upheaval, like the change of its chief executive lat…

Takaful operators to use IFSA grace period to ensure growth

Takaful operators to use IFSA grace period to ensure growth

<p>Takaful operators in Malaysia are aggressively strategising their operations to ensure profitable growth and taking advantage of the five-year time frame given to composite takaful players to fully comply with the new Islamic Financial Services Act (IFSA). Under the Financial Services Act (FSA) and IFSA, which came into force on July 1, composite insurers and takaful players would be, among others, required to split their life and general insurance businesses under separate licences. Takaful Malaysia group managing director Datuk Mohamed Hassan Kamil said his company will be devising and evaluating potential options to achieve more efficient solutions from the capital management and shareholder return perspectives. On whether the Act would take a hit on Takaful Malaysia&rsquo;s bottomline in view of the split in operations of its family (life) and general businesses, Hassan said although there would be potentially higher cost initially due to start-up costs, in the long run.</p>
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<p><a href="http://www.thestar.com.my/Business/Business-News/2013/07/23/Fiveyear-advantage-Takaful-operators-to-use-IFSA-grace-period-to-ensure-growth.aspx" title="http://www.thestar.com.my/Business/Business-News/2013/07/23/Fiveyear-advantage-Takaful-operators-to-use-IFSA-grace-period-to-ensure-growth.aspx">http://www.thestar.com.my/Business/Business-News/2013/07/23/Fiveyear-adv…</a></p>
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Takaful Malaysia still on the hunt for strategic partner in Indonesia

Takaful Malaysia still on the hunt for strategic partner in Indonesia

Syarikat Takaful Malaysia remains in the hunt for a strategic partner in Indonesia to help expand its distribution network there. The takaful operator was in talks to sell a stake or issue new shares in its Indonesian unit to a local partner last year,…

BIMB set to own 100% of Bank Islam

BIMB set to own 100% of Bank Islam

<p>BIMB Holdings Bhd is likely to conclude the purchase of the 18.5% stake held by Lembaga Tabung Haji (LTH) in Bank Islam Malaysia Bhd by the end of the month. BIMB owns 51% of Bank Islam, while the remaining 30.5% stake is held by Dubai Financial Group (DFG). LTH, meanwhile, is the ultimate holding company of both BIMB and Bank Islam. Apart from its direct interest in Bank Islam, the pilgrim fund also owns a 51.5% stake in BIMB. There were reportedly no problems in the talks between BIMB and LTH, with pricing done at arm&rsquo;s length on market benchmarks and in the best interest of the shareholders. The two block of shares are likely to be valued between 1.6 times and 1.8 times price-to-book value. If both talks with DFG and LTH were successful, then BIMB would fully own Bank Islam. An announcement on both stake sales is expectyed to be made by end-July.</p>
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<p><a href="http://www.thestar.com.my/Business/Business-News/2013/07/15/BIMB-set-to-own-100-of-Bank-Islam.aspx" title="http://www.thestar.com.my/Business/Business-News/2013/07/15/BIMB-set-to-own-100-of-Bank-Islam.aspx">http://www.thestar.com.my/Business/Business-News/2013/07/15/BIMB-set-to-…</a></p>
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