KFH wants 49 percent of RHB Islamic
Kuwait Finance House, the Kuwaiti Islamic bank which was involved in the bidding for Rashid Hussain Bhd (RHB)before the Employees Provident Fund (EPF) entered with the winning bid, wants to gain a 49 percent stake in RHB Islamic, the Islamic banking arm of RHB. Managing Director Salman Younis said no offer had yet been made, but that KFH was eager to obtain a stake in RHB Islamic Bank. In a panel discussion, Mr. Younis remarked that deputy governor of Bank Negara Malaysia, the Malaysian central bank, "would like someone to take up the 49 per cent equity in RHB Islamic. I [Mr. Younis] didn’t say anything. If we have been offered the opportunity... yes [we would have taken it], because you know we wanted to get RHB".
UK has done enough to encourage Islamic finance
The director of KPMG Islamic Finance Advisory Darshan Bijur says that Gordon Brown, UK Chancellor of the Exchequer and likely successor to Tony Blair as Prime Minister, has done enough to adapt British laws to encourage the growth of Islamic finance in the country.
Maybank to open Islamic bank
Maybank, Malaysia's largest lender by assets, plans to open a stand-alone Islamic bank as soon as it receives approval from the Malaysian central bank.
CIMB Islamic to expand outside of Malaysia
The executive director of CIMB Islamic, Badlisyah Abdul Ghani announced that the company will leverage Malaysia's experience in creating Shari'ah-compliant products to expand the company globally. He was speaking at the World Halal Forum 2007.
Other News
Mumbai will host an Islamic finance conference.
Bahraini bank Global House plans to open a $500 million Islamic bank in Syria.
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