Singapore

RHB Bank opens Islamic unit in Singapore

RHB Banking Group is extending its Islamic banking services to Singapore reported Gabriel Chen on asiaone business.

Monetary Authority of Singapore issues guidelines for Islamic banking

At the 6th Islamic Financial Services Board (IFSB) Summit on 7 May, MAS announced that it has issued a set of Guidelines on the Application of Banking Regulations to Islamic Banking. The Guidelines consolidate the various regulations and clarifications which MAS has issued, and offers specific information on the regulatory treatment of various Islamic structures. This set of Guidelines will provide greater clarity and certainty for financial institutions offering Islamic banking products in Singapore.

MAS has also issued two regulations clarifying that, with immediate effect, Singapore-based banks may enter into Diminishing Musharaka financing and Spot Murabaha transactions. In addition, MAS has ensured equal tax, regulatory and liquidity treatment of the Singapore dollar sukuk with Singapore Government Securities, effective immediately. Taken together, these various changes will allow banks to conduct a wide range of Islamic financing activities, and to have greater flexibility in structuring instruments to meet their risk management needs.

Please view the Guidelines here:

Islamic Bank of Asia launches its first liquidity product

The USD Islamic Placement is similar to a conventional fixed deposit, except it is based on the Shariah principle of Murabaha, with a minimum of USD 500.000.

Islamic Bank of Asia considers license in Malaysia

Islamic Bank of Asia reacts positive on the announcement that Malaysia would issue up to 6 new licences for foreign institutions.

The Islamic Bank of Asia aims for expansion

The Islamic Bank of Asia, majority owned by DBS is looking for acquisition opportunities in Malaysia and Indonesia, although it is also keen on Saudi Arabia, the UAE and Kuwait. The Islamic Bank of Asia currently focuses on commercial banking, corporate finance, capital market and wealth management services. The step towards Malaysia and Indonesia targets the retail markets.

Islamic Bank of Asia in Singapore Sukuk job

CPIFinancial reported on 20 January that the Islamic Bank of Asia is one of the two Lead arranger for SGD 200 mn Sukuk Al-Ijarah Trust Certificate Issuance Programme from Monetary Authority of Singapore. The bank itself will be the first investor in the programme.

Vince Cook is the CEO of The Islamic Bank of Asia.

Singapore plans S$ 200 mn Sukuk programme

Saeed Azhar, Reuters reported on 19 January that Singapore's central bank aims a S$200 million Sukuk Al Ijara programme, to promote the growth of Islamic finance in the state. The underlying asset for this Sukuk programme is the office units of Monetary Authority of Singapore's head office. According to Heng Swee Keat, managing director of the Monetary Authority of Singapore the Sukuk will be the Sharia compliant equivalent of Singapore government securities with the same credit standing.

Singapore's Agni Inc plans sukuk deals

Singapore renewable energy firm Agni Inc will sell more than RM 900 mn Sukuk Al Ijara according to a Malaysian newspaper.

Polaris Investment Trust Plans to Issue Taiwan Islam ETF

Philip Liu CENS.com reported on 2 April that it plans to roll out Islam ETF in the second quarter this year.

The firm is also in talks with Morgan Stanley Capital International (MSCI) for licensing of its Taiwan Islam Index for use in issuing the Islam ETF in Abu Dhabi. The MSCI Taiwan Islam Index consists of 60 constituent stocks, selected from the over 120 constituent stocks of MSCI Taiwan Stock Index, whose operations conforms to the tenets of Islam.

Liu Tsung-sheng is president of Polaris Investment Trust.

Source: http://news.cens.com/cens/html/en/news/news_inner_22868.html

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