ID :
26304
Fri, 10/24/2008 - 14:47
Auther :
Shortlink :
http://m.oananews.org//node/26304
The shortlink copeid
ISLAMIC BANKS NOT BADLY HIT BY GLOBAL FINANCIAL CRISIS
KUALA LUMPUR, Oct 24 (Bernama) - The meltdown in the conventional financial
market have not hit the Islamic Banks in Malaysia and globally severely, Asian
Finance Bank's (AFB) chief executive officer, Mohamed Azahari Kamil said.
There could be some "dent" due to exposure in terms of foreign
exchange but
they are not "badly hit," he said when asked if Islamic Banks are hit by the
financial crisis.
"We do not have any instruments where it is on credit default swap or any
over leveraging positions and there is no credit derivatives," he told reporters
after a ceremony here today appointing AFB as Corston-Smith Asset Management's
global distributor for its RM1 billion world's first Asean Shariah Corporate
Governance Fund.
Islamic Banks, he said are very careful in the designing of their products,
which ensures that it is Shariah-based, which subscribes profit sharing and risk
taking together.
He said the present time was also the most opportune to launch funds and
take advantage of the undervalued assets in the region.
On the new fund, he said the emphasis was on corporate government, which
has
emerged as investors' key requirement after the financial meltdown.
Emphasis on investors has always been on management for transparency and
corporate governance.
The fund would be marketed in the GCC markets as well as in
Malaysia.
"We hope to have 50:50 combination. It will be marketed to selected
institutions and high net worth individuals," he said.
He said response for the fund so far has been very positive.
"AFB, through its existing network of shareholders, the Qatar Islamic Bank,
RUSD Investment Bank of Saudi Arabia and Global Investment House of Kuwait, is
poised to raise interest and subscription amongst potential institutional and
high network investors from the region," said AFB in a statement.
The fund shall provide GCC investors with an opportunity to participate in
major Asean markets that demonstrate robust business performance, whilst
exercising good corporate governance and transparency, said Mohamed
Azahari.
-- BERNAMA
market have not hit the Islamic Banks in Malaysia and globally severely, Asian
Finance Bank's (AFB) chief executive officer, Mohamed Azahari Kamil said.
There could be some "dent" due to exposure in terms of foreign
exchange but
they are not "badly hit," he said when asked if Islamic Banks are hit by the
financial crisis.
"We do not have any instruments where it is on credit default swap or any
over leveraging positions and there is no credit derivatives," he told reporters
after a ceremony here today appointing AFB as Corston-Smith Asset Management's
global distributor for its RM1 billion world's first Asean Shariah Corporate
Governance Fund.
Islamic Banks, he said are very careful in the designing of their products,
which ensures that it is Shariah-based, which subscribes profit sharing and risk
taking together.
He said the present time was also the most opportune to launch funds and
take advantage of the undervalued assets in the region.
On the new fund, he said the emphasis was on corporate government, which
has
emerged as investors' key requirement after the financial meltdown.
Emphasis on investors has always been on management for transparency and
corporate governance.
The fund would be marketed in the GCC markets as well as in
Malaysia.
"We hope to have 50:50 combination. It will be marketed to selected
institutions and high net worth individuals," he said.
He said response for the fund so far has been very positive.
"AFB, through its existing network of shareholders, the Qatar Islamic Bank,
RUSD Investment Bank of Saudi Arabia and Global Investment House of Kuwait, is
poised to raise interest and subscription amongst potential institutional and
high network investors from the region," said AFB in a statement.
The fund shall provide GCC investors with an opportunity to participate in
major Asean markets that demonstrate robust business performance, whilst
exercising good corporate governance and transparency, said Mohamed
Azahari.
-- BERNAMA
