IslamicFinance.de

· To ensure that the producers are in compliance with the Company's procedures, Industry Guidelines and within authorities given,
· To constantly upgrade and improve Company procedures and system to achieve high efficiency.
· To check/sign certificates/endorsements/co-takaful inward cloasing, for sum covered as authorized by the Company and to ensure prompt issuance of all documents productivity and performance.

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The incumbent is responsible for the overall management of INCEIF Knowledge Management Centre (KMC) and able to champion organization-wide, knowledge sharing with all stakeholders.

Paramount Corporation Bhd (PCB) signed two private bond programmes worth RM550 million today 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. Group Chief Executive Officer Chan Say Yeong said the perpetual bonds provide PCB with access to capital to fund its growth plans, while the Sukuk will finance the building of the new KDU UC campus at Ultrapolis in Glenmarie, Shah Alam.

Paramount Corporation will raise RM550 million via a RM200 million perpetual bond sale and a RM350 million sukuk programme, which was put together by Paramount in cooperation with Hong Leong Investment Bank, OCBC Al-Amin Bank and RHB Investment Bank. The money will be used for capital expenditure and working capital, to buy land as well as to fund a new campus. Paramount will become the first private company to issue perpetual bonds which will be issued to institutional investors.

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.

ASM Investment Services which manages 14 unit trust funds, of which 11 are already syariah-compliant, will convert the remaining three into shariah-compliant assets. According to the company's CEO Ameer Ali Mohamed, the syariah-compliant unit trust industry has lots of potential. Therefore, ASM Investment aims to be a syariah-compliant fund management company by year-end.

The Paramount Corporation, a wholly-owned subsidiary of KDU University College, plans to issue Islamic medium-term notes (sukuk ijarah) of up to RM350 million in nominal value. Hong Leong Investment Bank, OCBC Al-Amin Bank and RHB Investment Bank are the joint principal advisers, arrangers and lead managers for the sukuk programme. The Securities Commission Malaysia had approved the issuance of the proposed sukuk programme via a letter on January 31.

Malaysian SC's Shariah Advisory Council (SAC) revised the screening methodology for shariah-compliant securities, in order to further build scale in the shariah-compliant equity and investment management segments as well as expand the Islamic capital market's international reach. The new screening methodology includes a financial ratio benchmark which looks at cash over total asset and debt over total asset screenings. Therefore, it may shorten the list of shariah-compliant companies when coming into force in November 2013.

The 4th Langkawi Islamic Finance and Economics (LIFE-4) Global Forum, scheduled for mid-February 2013, will provide a global platform to discuss key issues around the competitiveness, growth and sustainability of Islamic finance. Its theme is 'Islamic Financial Planning and Wealth Management as the New Frontier for Global Islamic Banking and Finance Industry'. Financial regulators, experts, jurists, academics and stakeholders across the world will meet in order to move the industry forward.

TH Heavy Engineering plans to issue non-rated sukuk under the Sukuk Murabahah programme with MIDF Amanah Investment as the principal adviser. The Sukuk Murabahah is unrated, non-transferable and non-tradable. The Securities Commission (SC) reportedly authorised the proposed programme. The tenure of the Sukuk Murabahah programme is up to six years from the date of the first issuance, which will be made within one year from the date of the SC’s authorisation.

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.

Azrul Azwar Ahmad Tajudin today confirmed his suspension as chief economist of Bank Islam after his prediction of the likely results of Election 2013. The bank, however, moved to distance itself from Azrul Azwar and emphasized that the views expressed by him should not be linked or attributed to Bank Islam. It is unknown how long the suspension will last.

Japanese financial institutions have started offering Islamic financial services in Muslim countries in the region. The Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking for example arranged a Shariah-compliant deal with a shipping company affiliated with the Brunei government. Meanwhile, other financial institutions are expanding their Islamic banking services. Especially the markets for Islamic financing in Malaysia and Indonesia are expected to grow.

· To lead and manage the implementation of Ijarah financing (Islamic Leasing) activities
· To lead and initiate the overall process of the financing including operations, marketing, collection, documentation, legal requirements and etc
· Sourcing, identifying and evaluating potential opportunities for further expansion of the activity

To provide the Shari'ah Committee (SC) with administrative and secretarial support which includes coordinating meetings, compiling proposal papers, disseminating SC decisions to relevant stakeholders, and engaging with relevant parties.
· To regularly review and assess the activities and operations of the company with the objective of ensuring conformity with the Shari'ah.
· To ensure availability and keeping proper records of relevant documentation for Shari'ah Committee Meetings

A.M. Best Europe – Rating Services Limited has downgraded the financial strength rating of Islamic Arab Insurance Co. (Salama). This is due to the uncertainty regarding Salama’s main subsidiary, BEST RE Limited (Malaysia), and the potential implications for Salama’s capitalisation, operating performance and profile. Concurrently, A.M. Best has withdrawn the ratings as Salama has requested to no longer participate in their rating process.

The Canadian life insurer InSun Life Financial c. (SLF) has forged an alliance with Khazanah Nasional Berhad (Khazanah) to jointly acquire 98% of CIMB Aviva Assurance Berhad, and CIMB Aviva Takaful Berhad. The remaining 2%will be retained by CIMB Group. The bancassurance agreement will cover a span of 20 years and will cost C$586 million. Through this transaction, SLF will be able to expand its international operations in Asia.

Bank Islam Malaysia lodged two police reports against its suspended chief economist, Azrul Azwar Ahmad Tajudin for allegedly possessing and leaking confidential documents. Azrul was found in the possession of the minutes of the bank’s board of directors’ meeting which were reportedly sent to a third party last June. The police is investigating the case. Azrul was suspended by the bank last week after airing his comments on political issuses.

Suspended Bank Islam chief economist Azrul Azwar Ahmad Tajudin is facing disciplinary action after airing his views on political issues. Azrul himself classified the police’s intervention as an intimidation and harassment tactic whereas a member of parliament described it as a manifestation of the standard of governance in the local banking scene.

· A hands-on and leadership role that manages oversees and ensures smooth running of all facets of Operations and Middle Office functions.
· Shape, build, lead and supervise all back office administration and financial and regulatory reporting of CPIAM.