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.