From left: Datuk Roslan Tik; Datuk Seri Tajuddin Atan; Izlan Izhab, Tengku Datuk Paduka Noor Zakiah Tengku Ismail, Datuk Chay Wai Leong and Lee Kok Khee.
KUALA LUMPUR: Kenanga Investment Bank Bhd has launched two Islamic margin financing products which are the normal margin financing-i (M3-i) and two-in-one StockTrade-i (M2-i).
It said on Friday the products were the first of their kind in the market as it seeks to support the Bursa Malaysia-i platform – the world’s first end-to-end Shariah-compliant securities exchange platform by Bursa Malaysia Bhd
Both products offer a Shariah principle of Commodity Murabahah (cost-plus and tripartite sale) ; commodity Murabahah with the principal roll-over feature and profit-servicing capabilities to finance purchases of Bursa-listed Shariah-compliant shares.
Kenanga Investment Bank group MD Datuk Chay Wai Leong said the introduction of Islamic margin financing by Kenanga is in line with the growing interest from investors towards Malaysia’s Islamic capital market.
“It also complements our Islamic stockbroking business, thus serving as another channel to increase our Islamic products offering to our clients,” Chay said.
Bursa Malaysia CEO Datuk Seri Tajuddin Atan said the launch of Islamic margin financing products would help broaden the development of Islamic financial services as well as boosting the country’s Shariah market capitalisation.
“The launch of Islamic margin financing by Kenanga is timely as we acknowledge an increased demand for a fully Shariah-compliant trading ecosystem by Shariah-inclined investors.
“The availability of Islamic margin financing products addressing these investors’ funding needs further complements the Bursa Malaysia-i platform.”
Among those present were Kenanga Investment Bank executive director and head of group investment banking and Islamic banking, Datuk Roslan Tik; Kenanga Investment Bank chairman Izlan Izhab, Kenanga Investment Bank founder Tengku Datuk Paduka Noor Zakiah Tengku Ismail and Kenanga Investment Bank executive director and head of group equity broking business Lee Kok Khee.