Khaled Mohamed Al-Aboodi

IDB opens Malaysia office to plug trading gap

Saudi Arabia-based Islamic Development Bank is seeking to boost trading in Shariah-compliant products by opening an office in Malaysia. The Islamic Cooperation for the Development of the Private Sector, a unit of IDB, got a license in February from the Southeast Asian nation’s central bank to start offering Islamic investment products in Kuala Lumpur. It will focus on money- market instruments, foreign exchange and sukuk, chief executive officer Khaled Mohamed Al-Aboodi said. It has hired two traders and will also act as an intermediary for business between Asia and the Middle East, he said. Islamic Cooperation plans to increase the team in Kuala Lumpur as and when needed, said Al- Aboodi. The recruits are now working on developing the infrastructure and building relationships with other banks in the region.

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