Clarification

MONDAY, JUNE 27: KUALA LUMPUR- Permodalan Nasional Bhd to hold press conference on income distribution on ASD & ASN at Theatrette, Level 2, Menara PNB, Kuala Lumpur at 1215 (0415 GMT); KUALA LUMPUR- Prime Minister Najib Tun Razak attends Dialogue with Career Comeback Women at Special Meeting Room 1, Level 3, Prime Minister's Office at 1530 (0730 GMT) KUALA LUMPUR- Minister of International Trade and Industry Mustapa Mohamed to grace Scope International's 15th anniversary celebration at Wisma Scope International, No. 2 Jln Teknologi Malaysia, Bukit Jalil, Kuala Lumpur at 0900 (0100 GMT)

IN the StarBiz report on Permodalan Nasional Bhd's (PNB) next plan for Maybank dated Aug 16, PNB wishes to clarify that there will not be a “separate syariah-compliant vehicle” or a “separate entity to be traded as i-Maybank”, and not as reported.

PNB said the proposed idea is to designate 20% of Maybank shares as Islamic shares, the income of which would be generated from the company’s existing syariah-compliant activities.

Currently, about 55% of Maybank’s financing products in Malaysia are Islamic and which in turn, contributes 25% towards the Group’s overall profits. 

The suggestion to Maybank would be to ring-fence the income from this syariah-compliant part of their business to be the source for the designated Islamic shares. 

As a public listed company, Maybank’s board of directors would need to ultimately deliberate on the matter and secure the necessary regulatory approvals.