Tagged: The Malaysian Insider

MARC affirms ratings on Maybank Islamic Bhd

MARC affirms ratings on Maybank Islamic Bhd

Malaysian Rating Corporation (MARC) has affirmed its AAA/MARC-1 financial institution (FI) ratings on Maybank Islamic and AA+IS rating on Maybank Islamic's 1.0 billion ringgit Islamic Subordinated Sukuk (Subordinated Sukuk). The outlook on the ratings …

Malaysia banks on reforms to spur Islamic finance growth

Malaysia banks on reforms to spur Islamic finance growth

Regulatory reforms are underway to help Malaysia’s Islamic banking industry expand further. According to the country’s master plan for capital markets development, Malaysia aims for a 40 per cent share of Islamic domestic financing by the year 2020 and intends to make the industry more international. Therefore, regulators are preparing to release a new legal framework for Islamic finance this year. However, private-sector banks need initiatives of their own, including steps to address a leadership vacuum and to strengthen their overseas strategies.

Paramount Corp signs RM550m bond deals

Paramount Corp signs RM550m bond deals

Paramount Corporation Bhd (PCB) agreed two private bond programmes worth RM550 million with Hong Leong Investment Bank Bhd, OCBC Bank and RHB Investment Bank. The deals consist of RM200 million private debt securities programme, which allows PCB to issue RM200 million perpetual bonds, and a RM350 million Sukuk Ijarah Programme for PCB’s unit, KDU University College Sdn Bhd (KDU UC). According to group CEO Chan Say Yeong, the fund arising from the bonds would be used for PCB’s future expenditure, increase landbank for development, investment in the education business and for working capital purposes.

Bank Islam says policy to suspend staff over political comments

Bank Islam says policy to suspend staff over political comments

Bank Islam Malaysia today confirmed that the suspension of its chief economist Azrul Azwar Ahmad Tajudin was due to his prediction of the results of Election 2013. The bank’s current policy is to suspend its staff if they engage in political activity or make political comments. According to a statement, any staff irrespective of their position, who has breached the Bank’s internal policy, will be suspended with full pay, to facilitate investigation.