IslamicFinance.de

Bank Islam #Malaysia has denied rumours that its managing director Zukri Samat would be replaced. Chairperson Zamani Abdul Ghani said the board had decided to renew Zukri’s service contract. His re-appointment has also been approved by Bank Negara Malaysia. Zamani expressed hope that Bank Islam’s staff would continue to give their full support to Zukri.

Malaysia's government through Deputy Prime Minister Ahmad Zahid Hamidi issued a startling statement saying the Swiss attorney- general should not have made public his request for Malaysia's help into 1MDB probe. More specifically, it was related to the US$4 billion (RM16.6 billion) suspected misappropriations by 1MDB and possible violations of Swiss law. The government must be very nervous since Switzerland is no longer the safe secret haven for ill-gotten funds as its banking secrecy law is no longer what it used to be. Since the Swiss AG's report mentioned possible involvement of former Malaysian government officials, Putrajaya is getting plenty of sleepless nights.

1MDB's recent sale of its 60 percent stake in the Bandar Malaysia development project is in violation of the terms for the sukuk Islamic bonds it issued to finance the relocation of several air force bases, PKR secretary-general Rafizi Ramli claims. This, he said in a statement today, is based on pages 30 and 32 of the agreement. Rafizi pointed out that under Item 2(w)(i)(12) of the RM2.4 billion sukuk issuance agreement, Bandar Malaysia Sdn Bhd (BMSB) – "the issuer" – must remain as the wholly-owned subsidiary of 1MDB. The sale, Rafizi argued, is now a major snag to one of the main pillars of the 1MDB debt rationalisation initiative. He vowed to continue with his crusade, for as long as there is no clear answer or remedy from 1MDB.

CIMB Islamic Bank’s chief executive officer and board member Badlisyah Abdul Ghani will resign all his posts effective Aug 15, 2015. Badlisyah also heads CIMB Group Bhd’s Islamic banking and finance franchise. In a statement to Bursa Malaysia, CIMB Islamic Bank’s board of directors announced it has elected Mohd Shafri Shahul Hamid as the person-in-charge of the bank and agreed for the group nomination and remuneration committee to start the process of identifying Badlisyah’s replacement. Badlisyah courted controversy last week when he questioned the validity of documents used by The Wall Street Journal (WSJ) in its recent reports which claimed billions of ringgit were deposited into accounts belonging to Prime Minister Najib Abdul Razak.