KUALA LUMPUR: Kuwait Finance House (M) Bhd plans to roll out new products in the second and third quarters, managing director K. Salman Younis said.
He said research and development on commercial products was an ongoing process but added that the intention was to introduce these products within the targeted timeframe.
The bank planned to launch its retail franchise by year-end, as well as develop more retail products, he told StarBiz after receiving the Best Individual in Islamic Finance award at the inaugural Islamic Finance News Awards 2006 last night.
Organised by publication Islamic Finance Money and its holding company RedMoney Sdn Bhd, the awards included Best Islamic Bank Poll and Deals of the Year.
Bank Negara bagged the Best Central Bank in Finance award, while Khazanah Nasional Bhd won awards for Innovative Deal of the Year, Malaysia Deal of the Year and Sovereign Deal of the Year.
KPJ Healthcare Bhd won the I-REIT Deal of the Year award while KNM Capital Sdn Bhd was awarded the Mudharabah Deal of the Year.
At an interview earlier, International Islamic Finance Market (IIFM) chief executive officer Ijlal Alvi said several studies were being done on the sukuk market, treasury market and Islamic liquidity management.
”This is to stimulate the development of Islamic capital and money markets,” he said, adding that the projects were targeted to be completed within the year.
Among the recommendations made is the development of an agreement for Islamic derivatives to form an alliance with International Swaps and Derivatives Association.
“The work will also involve developing recommendations, standard documentations and guidance for sukuk issuance.
“It includes provisions for online transaction matching, reporting and confirmation services for sukuk and other Islamic financial instruments,” he added.