RHB Sakura named Best Malaysian Merchant Bank

RHB Sakura Merchant Bankers Sdn Bhd has been awarded the Best Malaysian Merchant Bank for 2002 by Asiamoney magazine. 

The merchant bank, which gained a market share of 20.5% in underwriting 58 equity issues amounting to RM13.3bil last year, was adviser and joint lead underwriter to some of the country's largest initial public offerings (IPOs). 

These include the Maxis Communications Bhd's RM3bil offering and RM7.4bil PLUS Expressways Bhd's restricted and retail offer. 

The award was presented to Datuk Sulaiman Abdul Rahman Taib, executive chairman of holding company Rashid Hussain Bhd (RHB) by Euromoney Institutional Investor Asia Inc chief executive Tony Shale after the opening of the 2003 RHB Investor Forum in Putrajaya on Tuesday. 

At the ceremony, Sulaiman also announced the launch of Malaysia's first Islamic institutional stockbroking service to be offered by RHB Securities Sdn Bhd, a subsidiary of RHB. 

He said this pre-compliant stockbroking platform was developed in response to the increasingly strong demand for syariah-compliant equity products in Malaysia. 

RHB Securities said that for the purposes of the Islamic broking scheme (IBS), it had set up a separate Muamalah fund and opened Al-Wadiah accounts to segregate the funds generated by the IBS from its conventional broking service. 

Sulaiman said that the financial services group was developing syariah-compliant systems to support its Islamic products.  

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