Non chex systems bank and Rants

Korea Exchange (KRX) and Bursa Malaysia will play host to Korean investment bankers, advisers, issuers and institutional investors at the upcoming inaugural KRX-Bursa Malaysia Islamic Capital Market Conference.

The conference, co-organised in support of the Malaysia International Islamic Financial Centre (MIFC) initiative, will be held in Seoul on November 19.

It aims to share Malaysia’s Islamic finance experience and to promote the opportunities in the Malaysian Islamic capital market to Korean investors and issuers, Bursa said in a statement here Monday.

“We hope this conference will stimulate interest in the Syariah compliant products which are currently in demand from investors who are seeking returns from alternative investments,” Chief Executive Officer of Bursa Malaysia Bhd, Datuk Yusli Mohamed Yusoff said.

Bank Islam Malaysia Bhd has target an initial fund size of RM100 million from its newly launched Ziyad NID-i, an investment product, structured on the recovery of Asia’s equity market.

Bank Islam general manager for its consumer banking division, Khairul Kamarudin said, Ziyad NID-i is a five-year investment product in the form of Islamic negotiable instruments with a 100 percent capital protection upon maturity.

“Ziyad NID-i investors should receive a minimum profit of 7.35 per cent over the whole investment period or approximately 1.47 per cent per annum if held to maturity,” Khairul said during the launch of Ziyad NID-i Monday.

He said Ziyad NID-i is linked to a basket of stocks deemed to benefit from the massive stimulus plans undertaken by various Asian governments.

“The stocks in the basket are China Mobile Ltd (China), CNOOC Ltd (China), Panasonic Corp (Japan), Canon Inc (Japan), BHP Billiton (Australia) and KDDI Corp (Japan),” he said.

In addition, he said, these stocks will be monitored closely throughout the investment period to ensure no infringement of Shariah rules and principles.

The minimum investment amount for Ziyad NID-i is RM65,000 and subsequent investments are in multiples of RM5,000.

The product will be available at all Bank Islam branches throughout the country, starting Monday.

– BERNAMA

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China Banking Regulatory Commission already signed a Memorandum of Understanding (MoU) with Bank Negara on banking supervision.This might help Bank Negara to strengthen along together with China Banking comission.

Some of the MoU content was about sharing of information and the promotion of regional financial integration, strengthening of the collaborative partnership between the governments of China and Malaysia and enhancing regulatory cooperation and the economic as well as financial linkages between China and Malaysia.This will benefits both party and strengthen both brands.

A RM2.8 billion already converted into an Islamic finance by Axiata Group Bhd which (formerly known as TM International Bhd).Axiata and participating banks are now using tradeable syariah-compliant commodities as underlying assets.

Axiata Group Bhd with Islamic finance structure, approved by Bank Negara Malaysia’s Syariah Advisory Council, which adopts the Murabahah concept as applied by the Gulf Cooperation Council.

CIMB Group earning records reaching a net profit of RM2.004 billion for its first nine monthsA spectacular earning before the year end.Also, as for now in nine-month period, the group’s net earnings per share stood at 56.8 sen while annualized net return on equity was 14.7 per cent.

The only disappointment was on International business, a banking portfolio which saw higher loan losses due to the effects of the global financial crisis.

Latest promo product from Prudential Islamic Finance is Prudential Al-Wara’ Asset.It’s a very competitive model pf an Islamic asset management business from Prudential.The Prudential Al-Wara’ CEO confident with this product since Islamic Banking now keep growing at least 20% per annum.Other factors that lead to his confidence is also based on strong performance of Islamic assets managed by Prudential Fund Management Bhd (PFMB).

EON Bank is confident with a lot of campaign and promotions held, they will hit a 10 per cent loan growth.Well, with their new product called “Super Easi 123 Home Loan Fixed Deposit” .I think EON Bank will hit it in time end of this year.After all , EON Bank already grab RM1.5 billion in home loans as at end of September .

The EON Bank loan actually offered at up to fixed deposit rate plus 1.25 per cent, adding that EON Bank’s one-year fixed deposit rate currently stood at 2.50 per cent, while the benchmark was at 5.55 per cent.Through Super Easi 123 Home Loan Fixed Deposit EON Bank aim to register RM200 million in new home loans.