Aug. 20, 2008 (China Knowledge) - Malaysia-based Hong Leong Bank (HLB) announced that its Hong Kong branch has launched the first Islamic banking business window in Hong Kong, a platform for the lender to expand its international Islamic financial business.
HLB's Hong Kong branch said it has won regulatory approval earlier from the Hong Kong Monetary Authority (HKMA) and Malaysia's central bank to open the business window providing innovative Syariah-compliant wholesale and investment banking solutions. The bank said in a statement that the newly opened business window will enable the bank to tap the West and North East regions and Mainland markets.
HLB will initially provide clients with commodity murabahah deposit (CMD) service, 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.
HLB said it is able to customize Islamic financial solutions that are designed to help maximize investors' returns within Syariah-accepted tenets.
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Alfalah Consulting - KL: www.alfalahconsulting.com
Islamic finance consultant: www.ahmad-sanusi-husain.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com
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