Thursday August 21, 2008
KUALA LUMPUR: Hong Leong Bank (HLB) on Monday launched the first Islamc Banking Window (IBW) in Hong Kong, a platform for the bank to expand its international Islamic financial business.
Through the IBW, the bank would be able to facilitate cross-border Islamic transactions, HLB said in a statement.
The IBW would enable the bank to tap the West and North East regions and China markets, it said.
Permission was received from the Hong Kong Monetary Authority for the bank’s IBW to offer innovative syariah-compliant wholesale and investment banking solutions.
As a start, HLB will offer the Commodity Murabahah programme, a trade-related transaction with mark-up price element that serves as liquidity management instruments, thus paving the way for Islamic money market transactions in Hong Kong.
It said it had the capability to customise Islamic financial solutions designed to help maximise investors’ returns within syariah-accepted tenets. – Bernama
http://thestar.com.my/news/story.asp?file=/2008/8/21/business/1835972&sec=business
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