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PETALING JAYA: Takaful operators like Syarikat Takaful Malaysia Bhd and Takaful Ikhlas Sdn Bhd, a unit of MNRB Holdings Bhd, are aggressively strategising their operations to ensure profitable growth and taking advantage of the five-year time frame given to composite takaful players to fully comply with the new Islamic Financial Services Act (IFSA).
KUALA LUMPUR: Malaysia's CIMB Islamic Bank Bhd, part of Southeast Asia's fifth-largest lender by assets, expects moderate levels of domestic growth as it plans to focus on core markets to maintain profitability, its chief executive told Reuters
DURING the first eight months of 2013, the banking system and capital market were further strengthened to facilitate and catalyse growth of the economy as Malaysia transitions to a high-income and developed nation.
KUALA LUMPUR: The Securities Commission (SC), Bank Negara Malaysia (BNM) and PerbadananInsurans Deposit Malaysia (PIDM) are developing a framework to enhance the transparency of over-the-counter (OTC) derivatives markets in Malaysia.
KUALA LUMPUR: The takaful segment may see further consolidation due to the Islamic Financial Services Act (IFSA) that requires composite takaful providers to segregate their family and general units under separate licences, says Great Eastern Takaful Bhd chief executive officer Zafri Abdul Halim.
KUALA LUMPUR: The infrastructure projects to be launched in Asean and the Middle East and North Africa (Mena) regions will continue to put Malaysia as the champion in the sukuk market next year, said CIMB Islamic Bank Bhd.
KUALA LUMPUR: Come June 30 next year, all Islamic banks and commercial banks with Islamic banking subsidiaries offering Islamic deposits must classify them either as principal guaranteed or investment accounts which are not principal guaranteed under syariah contracts in line with the Islamic Financial Services Act (IFSA).
PETALING JAYA: Product pushing, one of the main concerns in the insurance and unit trust business, will be further curtailed with the introduction of the new financial advisory framework that may come on stream this year.
A TWO-YEAR transition period until June 30 next year has been accorded to Islamic banking institutions to facilitate reclassification into Islamic deposits and investment accounts under the Islamic Financial Services Act (IFSA) 2013.