Showing posts with label The Edge. Show all posts
Showing posts with label The Edge. Show all posts
Thursday, February 25, 2010
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Monday, January 4, 2010
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Tuesday, December 22, 2009
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Bank Islam to achieve RM2b in personal financing
Published in The Edge Financial Daily
22 December 2009
22 December 2009
Thursday, December 17, 2009
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Maybank has little exposure to Dubai, says Wahid
Published on The Edge Online
17 December 2009
Written by Siti Sakinah Abd Latif & Max Koh
KUALA LUMPUR: MALAYAN BANKING BHD [] will not be affected by Dubai's debt crisis given its exposure there of less than 0.2% of the banking group's total assets, said its CEO Datuk Seri Abdul Wahid Omar.
Wahid said the bank's exposure in Dubai was being monitored by its branches in Bahrain and London.
"We are hopeful that the issue in Dubai will be resolved. Abu Dhabi has lent US$10 billion [RM34.2 billion] to enable Nakheel to repay its bond debt, which is a positive development," Wahid told reporters on Dec 17 after a signing ceremony between Maybank and MoneyTree (M) Sdn Bhd for the sponsorship of a year-long financial-literacy programme for youngsters.
He said the development in Dubai would bring back significant confidence and stability to financial markets.
It had been reported that Abu Dhabi recently provided the amount to Dubai to help Dubai World, the state-owned holding company, avoid defaulting on a US$4.1 billion Nakheel bond payment.
On another matter, Abdul Wahid said Maybank had received the final approval from the Vietnamese authorities to increase its stake in An Binh Bank from 15% to 20%.
When Maybank bought its 15% stake in An Binh in March 2008, it was given the option to increase the stake to 20%, which is the highest stake that a foreign company is allowed to hold in Vietnam.
"We are now in the process of finalising the agreement," Wahid said.
On the bank's outlook for next year, Wahid said Maybank was bullish about 2010's economic prospects, adding that its in-house economist had forecast 4.5% growth.
"I think as we recover, obviously, we expect the financial industry to perform well as well," he said.
He said the country's asset policy would continue to create a conducive environment for business.
17 December 2009
Written by Siti Sakinah Abd Latif & Max Koh
KUALA LUMPUR: MALAYAN BANKING BHD [] will not be affected by Dubai's debt crisis given its exposure there of less than 0.2% of the banking group's total assets, said its CEO Datuk Seri Abdul Wahid Omar.
Wahid said the bank's exposure in Dubai was being monitored by its branches in Bahrain and London.
"We are hopeful that the issue in Dubai will be resolved. Abu Dhabi has lent US$10 billion [RM34.2 billion] to enable Nakheel to repay its bond debt, which is a positive development," Wahid told reporters on Dec 17 after a signing ceremony between Maybank and MoneyTree (M) Sdn Bhd for the sponsorship of a year-long financial-literacy programme for youngsters.
He said the development in Dubai would bring back significant confidence and stability to financial markets.
It had been reported that Abu Dhabi recently provided the amount to Dubai to help Dubai World, the state-owned holding company, avoid defaulting on a US$4.1 billion Nakheel bond payment.
On another matter, Abdul Wahid said Maybank had received the final approval from the Vietnamese authorities to increase its stake in An Binh Bank from 15% to 20%.
When Maybank bought its 15% stake in An Binh in March 2008, it was given the option to increase the stake to 20%, which is the highest stake that a foreign company is allowed to hold in Vietnam.
"We are now in the process of finalising the agreement," Wahid said.
On the bank's outlook for next year, Wahid said Maybank was bullish about 2010's economic prospects, adding that its in-house economist had forecast 4.5% growth.
"I think as we recover, obviously, we expect the financial industry to perform well as well," he said.
He said the country's asset policy would continue to create a conducive environment for business.
Wednesday, December 16, 2009
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Full conversion to Islamic finance by end-2010, says PTPTN
Published in The Edge Online
17 December 2009
By Max Koh and Siti Sakinah Abdul Latif
KUALA LUMPUR: The National Higher Education Fund (PTPTN) plans to convert its conventional education loan scheme for all current 1.45 million student borrowers to the new syariah-compliant education financing programme by December next year.
Pursuant to the conversion, the 4% interest rate for loan repayment under conventional banking scheme will be replaced with a 1% administrative charge under the new scheme based on the Islamic principle of Ujrah.
Out of the total loan recipients, 192,059 have since December 2008 been automatically offered to repay their loans under the new Islamic scheme.
"By end of 2010, it will certainly be done (the full conversion),” the statutory body's chief executive officer Yunos Abdul Ghani said after a signing ceremony between PTPTN and AmIslamic Bank here on Dec 16 for the bank to finance RM1.5 billion and act as a facility agent for 10 years to the statutory body.
This is the second commercial financing arrangement that PTPTN has secured. The first involved a RM1.5 billion government-guaranteed commercial financing arrangement from CIMB Islamic Bank Bhd in July 2009.
PTPTN received its funding from the government from 1997 to 2002 of RM5 billion. In 2003, government spending was stopped and PTPTN had to look for alternatives, receiving RM500 million and RM12.5 billion from Kumpulan Wang Amanah Pencen (KWAP) and Employees Provident Fund (EPF) respectively, in the following five years.
The total funding that PTPTN has received over the years is a whopping RM21 billion to help finance higher institutional students in the country.
"At the moment, we have 391,790 students under our loan scheme. For 2010, we have a total of 166,116 newly approved loan applications with loans amounting to RM1.5 billion to be disbursed by April 2010," said PTPTN chairman Datuk Dr Mohamad Shahrum Osman.
"However, an additional RM2.5 billion is still needed to support loan applicants until the end of next year," he added.
The total 1.45 million loan applications approved since PTPTN's inception in 1997 up to November 2009 is said to require financial allocation of RM31.17 billion for the students to complete their studies.
17 December 2009
By Max Koh and Siti Sakinah Abdul Latif
KUALA LUMPUR: The National Higher Education Fund (PTPTN) plans to convert its conventional education loan scheme for all current 1.45 million student borrowers to the new syariah-compliant education financing programme by December next year.
Pursuant to the conversion, the 4% interest rate for loan repayment under conventional banking scheme will be replaced with a 1% administrative charge under the new scheme based on the Islamic principle of Ujrah.
Out of the total loan recipients, 192,059 have since December 2008 been automatically offered to repay their loans under the new Islamic scheme.
"By end of 2010, it will certainly be done (the full conversion),” the statutory body's chief executive officer Yunos Abdul Ghani said after a signing ceremony between PTPTN and AmIslamic Bank here on Dec 16 for the bank to finance RM1.5 billion and act as a facility agent for 10 years to the statutory body.
This is the second commercial financing arrangement that PTPTN has secured. The first involved a RM1.5 billion government-guaranteed commercial financing arrangement from CIMB Islamic Bank Bhd in July 2009.
PTPTN received its funding from the government from 1997 to 2002 of RM5 billion. In 2003, government spending was stopped and PTPTN had to look for alternatives, receiving RM500 million and RM12.5 billion from Kumpulan Wang Amanah Pencen (KWAP) and Employees Provident Fund (EPF) respectively, in the following five years.
The total funding that PTPTN has received over the years is a whopping RM21 billion to help finance higher institutional students in the country.
"At the moment, we have 391,790 students under our loan scheme. For 2010, we have a total of 166,116 newly approved loan applications with loans amounting to RM1.5 billion to be disbursed by April 2010," said PTPTN chairman Datuk Dr Mohamad Shahrum Osman.
"However, an additional RM2.5 billion is still needed to support loan applicants until the end of next year," he added.
The total 1.45 million loan applications approved since PTPTN's inception in 1997 up to November 2009 is said to require financial allocation of RM31.17 billion for the students to complete their studies.
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