Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
RHB Islamic Inks Sponsoring Bank Agreement With IAP Integrated
Last update: 07/08/2017

KUALA LUMPUR, Aug 7 (Bernama) --RHB Islamic Bank Bhd, a wholly-owned subsidiary of RHB Bank Bhd, has signed a Sponsoring Bank Agreement with IAP Integrated Sdn Bhd, the owner and operator of an†Investment Account Platform (IAP).

The agreement would make RHB Islamic the first non-shareholder Sponsoring Bank under the IAP, which is a joint regulatory-industry initiative spearheaded by Raeed†Holdings Sdn Bhd, which is a consortium of six Islamic banks.†

"The IAP will facilitate efficient intermediation by the Sponsoring Banks in†matching financing requirement of ventures with investment from retail and institutional investors via Investment Account,"†said RHB Bank in a statement at the signing ceremony†here, today.

RHB Islamic†Managing Director and†Chief Executive Officer (CEO) Datuk Adissadikin Ali said the bank†was pleased to be part of the strategic initiative of the Islamic finance industry to operate the investment account.

"The partnership would bring tangible benefits to the IAP platform and to its shareholders, he said, adding that with the product development well underway, RHB Islamic would be able to offer Investment Account Business to its customers from 2018 onwards.

IAP CEO Mohamed Izam Mohamed†Yusof said with the addition of RHB Islamic as Sponsoring Bank, the market could see more listing of ventures or projects on IAP next year.†

"IAP is†expected to progress steadily over the next few years with more listing of assets, new Sponsoring†Banks, including foreign currencies deals,"†said Mohamed†Izam.†

Investment Account is a new banking product offered by Islamic banking institutions to customers who want†to participate in Shariah-compliant investment activities.

-- BERNAMA

 <Back>

Maybank Islamic Named Best Global Islamic Financial Institution 2017
NCCIM: Malaysia, Qatar Can Jointly Develop Islamic Finance 2.0

 
KLIFF 2017 Focuses On Wakaf Fund Development

AAGI Named Claims Fraud Management Team Of The Year
Tax Relief For Insurance Will Be A Big Breakthrough, Says Allianz Life CEO

 
Takaful IKHLAS Chieftain Bags Best CEO 2017 Award

MIDDAY, THURSDAY, OCT 19
US 4.2250/2270
S'pore 3.1087/1113
100 Yen 3.7399/7427
Sterling 5.5808/5847
Euro 4.9851/9879
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?
 

 
  Main | News | Insurance

© 2017 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution