Tagged: The Star Online

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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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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<div>Source:&nbsp;</div>
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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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Bank Islam seeks expansion in region

Bank Islam seeks expansion in region

Bank Islam Malaysia is exploring opportunities to expand its business in South-East Asia, especially in Indonesia. However, the bank has not identified suitable joint-venture partners to penetrate foreign market, according to its managing director, Dat…

Thai Islamic bank plans to up capital and sukuk

Thai Islamic bank plans to up capital and sukuk

State-owned Islamic Bank of Thailand plans to increase its capital by 7.11 billion baht (US$234.9mil) and issue a 5 billion baht sukuk, the country's first-ever Islamic bond. The bank plans to issue the 5billion-baht subordinated sukuk to increase its …

Thai Islamic bank plans to up capital and sukuk

Thai Islamic bank plans to up capital and sukuk

State-owned Islamic Bank of Thailand plans to increase its capital by 7.11 billion baht (US$234.9mil) and issue a 5 billion baht sukuk, the country's first-ever Islamic bond. The bank plans to issue the 5billion-baht subordinated sukuk to increase its …

BIMB to deliberate on Bank Islam stake by end-May

BIMB to deliberate on Bank Islam stake by end-May

The board of BIMB Holdings Bhd is set to deliberate on Dubai Financial Group LLC’s (DFG) sale of a 30% stake in Bank Islam Malaysia Bhd. BIMB’s group managing director and CEO Johan Abdullah said that there is no official agreement yet, and that the bo…

CEO: Timing not right for Great Eastern in M&As

CEO: Timing not right for Great Eastern in M&As

Insurance group Great Eastern Holdings Ltd has no plans for merger and acquisition activities (M&A) as the valuations are high, according to its group chief executive officer Chris Wei. However, the company is closely watching the market. Wei added…