A PROPOSED three-way merger in Malaysia will create the world’s first Islamic bank that will have enough clout to challenge the dominance of conventional, often Western, banks in the industry and influence the way Islamic finance deals are made.
The Islamic units of market leaders such as HSBC Holdings Plc and Standard Chartered Plc have long used their parents’ vast networks to win leading roles in global deals. Most of such deals involve designing and distributing Islamic bonds, or sukuk, a fast-growing segment in the sector.