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CIMB to expand Islamic finance |
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Source: Roziana Hamsawi
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Wednesday, 16 August 2006 |
INVESTMENT bank CIMB Bhd wants to have an Islamic finance presence in all the countries it operates, says chief executive officer Datuk Nazir Razak.
"Even if we go there today just purely in conventional business, we will have an Islamic offering eventually," he told reporters on the sidelines of the Islamic Finance Forum in Kuala Lumpur yesterday.  CIMB Bhd
CIMB has an Islamic investment firm in Bahrain called CIMB-Kanoo Islamic Investment Co.
It also has a stake in Indonesia's PT Bank Niaga, enabling it to offer Islamic banking and advisory services there.
"In Thailand, we are there as a stockbroker and we are looking at expanding our Islamic banking presence there as well," said Nazir, adding that no time frame has been set for this plan.
Last year, CIMB bought the stockbroking business of Singapore-based G.K. Goh Holdings Ltd for RM555 million, giving it a foothold in Singapore, Indonesia, Hong Kong, Thailand, the UK and the US.
Earlier in a session where he was one of the panelists, Nazir said CIMB's approach now is to partner with local players overseas to tap the global market.
He added that CIMB wants to bring investors from West Asia not just into Malaysia but also to the Asean region.
Another panelist HSBC Bank Malaysia chairman and CEO Datuk Zarir Cama shared Nazir's views, saying Islamic finance players must go overseas and take the risks that come with it.
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Last Updated ( Tuesday, 27 February 2007 )
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