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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.

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