KUALA LUMPUR: Permodalan Nasional Bhd (PNB) is working on carving out 20% of Maybank shares into Islamic or i-shares through a ring fencing mechanism.
Group chairman Tan Sri Abdul Wahid Omar said for now the work on this mechanism was still in progress and very much within the PNB level.
"We think there is logic and basis to it. If it is successful, the other such as CIMB Group Bhd, RHB Bank and Bursa Malaysia may replicate the model," he said at a luncheon talk organised by the Malaysian Press Institute here.
PNB currently hold a 48% stake in Maybank, Malaysia largest bank group which in turn is the 4th largest bank in ASEAN by asset and 5th largest Islamic bank globally.
Wahid, who became PNB chairman a year ago, said that if the proposal was successful, the designated i-Maybank shares would be a syariah complaint asset worth about RM20bil.
PNB's move was in support of the government Islamic financing agenda by creating more listed shariah investment instruments via its investee companies, he said.