CIMB Islamic Bank Bhd

Need to build up confidence to promote Islamic finance globally

Even though Islamic finance has been thriving in Malaysia, a country with one of the most established and regulated Islamic finance frameworks, it is hardly present on the global Islamic finance market. Moreover, the majority of local banks tako part in neither the global syndication market nor the sukuk market. Therefore, confidence has to be built up in order for Malaysian banks to stop peceiving themselves as inferior to other syariah-compliant frameworks.

Sukuk sales at risk on Middle East tensions

Global sales of Shariah-compliant bonds surged to $2.8bn in the first two months of this year, compared with $676mn in the same period of 2010. This statement was given by Bloomberg.
Badlisyah Abdul Ghani, chief executive officer at Kuala Lumpur-based CIMB Islamic Bank Bhd has the oppinion that the rising yields are deterring potential issuers.

HP issues maiden US$100m sukuk

HEWLETT-PACKARD (HP), the world's largest technology company, has issued its maiden US$100 million (RM310 million) sukuk to part- finance the development and construction of its multi-million-dollar next generation data centre (NGDC) in Cyberjaya.
The company, via its Malaysian subsidiary HP Multimedia Sdn Bhd, and CIMB Islamic Bank Bhd signed an agreement to formalise the Islamic term financing facility agreement in Kuala Lumpur yesterday.
At the signing, CIMB Islamic was represented by group chief executive officer Datuk Seri Nazir Razak, while HP was represented by HP Enterprise Services senior vice president for Asia Pacific and Japan, Kevin Jones.
The loan will help finance the development of HP's first phase NGDC project, with an option to be extended to subsequent phases in due course.
Upon completion in 2016, the campus will stand as one of HP's four global network centres, alongside India, Mexico and Costa Rica.

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