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KUALA LUMPUR: Bank Negara Malaysia is seeking the public's feedback on its plan to set up a Financial Ombudsman scheme (FOS) to strengthen avenues for financial consumer redress.
Veteran banker Datuk Zulkiflee Abbas Abdul Hamid (pic) holds dual positions as the group CEO of Affin Holdings Bhd and managing director and CEO of Affin Bank Bhd. He shares with StarBizWeek his outlook for the company and some of his plans to drive the group forward. Below are excerpts of the interview:
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.
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.
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).
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: 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.