Non chex systems bank and Rants

Effective Jan 15, the counter services of Lembaga Tabung Haji (TH) at the TH Mini Lebuh Light,Penang,will become a uniteller counter of Bank Islam Malaysia Bhd.

The termination and transfer of the service to Bank Islam is one of the steps taken by TH to enhance its strategic relations with the bank, TH said in a statement today.

It added that this step was also taken to avoid the presence of two different entities operating on the same premises and offering a similar service.

In this regard, all primary services of TH such as savings, withdrawals, the opening of new accounts and registration for the Hajj, can be undertaken at the uniteller counter of Bank Islam Lebuh Light.

– BERNAMA

Malaysia’s AmBank Group chairman Tan Sri Azman Hashim was honoured with the “Lifetime Achievement Award”, at the Fourth Annual Islamic Business and Finance Awards 2009 here, recently.

Also flying the Malaysian flag high was CIMB Islamic Bank which clinched awards in two categories, the Best Islamic Investment Bank and Best Islamic Retail Bank.

Gulf-based institutions and individuals scooped more than two-thirds of the trophies, or 19 awards.

The top prize of Best Islamic Bank went to the United Arab Emirates’ Dubai Islamic Bank for the second time. The bank had won this award in 2007.

Mohammed Sulaiman Al-Omar, chief executive of Kuwait Finance House, was named “Islamic Banker of the Year”.

Besides Malaysia, other winners were drawn from Pakistan, the United Kingdom, the United States, Australia and Luxembourg.

“The astonishing growth of the global Islamic finance industry is mirrored by the increasingly stiff competition for these awards,” said Nigel Rodrigues, chief executive of CPI Financial, publisher of Islamic Business & Finance.

The globally recognised awards were launched in 2005 and in response to the phenomenal growth of the Islamic finance industry, currently estimated at around US$840 billion in value and expected to pass US$1 trillion in 2010.

Held on Monday, the awards ceremony brought together around 300 distinguished regional and global industry professionals from around the world.

A RM2.8 billion already converted into an Islamic finance by Axiata Group Bhd which (formerly known as TM International Bhd).Axiata and participating banks are now using tradeable syariah-compliant commodities as underlying assets.

Axiata Group Bhd with Islamic finance structure, approved by Bank Negara Malaysia’s Syariah Advisory Council, which adopts the Murabahah concept as applied by the Gulf Cooperation Council.

Latest promo product from Prudential Islamic Finance is Prudential Al-Wara’ Asset.It’s a very competitive model pf an Islamic asset management business from Prudential.The Prudential Al-Wara’ CEO confident with this product since Islamic Banking now keep growing at least 20% per annum.Other factors that lead to his confidence is also based on strong performance of Islamic assets managed by Prudential Fund Management Bhd (PFMB).