KUALA LUMPUR, Sept 18 (Bernama) -- Maybank Islamic Bhd recently secured Pound Sterlling cross-border financing, making it the first Malaysian bank to have such financing instruments in London.
Its Chief Executive Officer Muzaffar Hisham said the bank has been
appointed by its corporate client as the jointly led arranger for the
purpose of buying properties in London.
"The deal will most probably be announced during the ninth World
Islamic Economic Forum in London in October," he told reporters after
the soft launch of its new retail mortgage product here Wednesday.
He said the bank is in the final stages of launching the Islamic
foreign currency property financing product for London properties,
expected in the fourth quarter this year.
"There is increasing interest by Malaysian investors in diversifying
their investment portfolios into the United Kingdom and particularly
London, and Maybank Islamic is well placed to encourage such
opportunities," he said.
Muzaffar stressed the strategic importance of Islamic finance in London
as an opportunity to tap into a new source of capital, assets and
liquidity in Islamic markets for London's future growth and global
He said UK corporates wishing to issue funds should also consider
Shariah-compliant instruments as they expand to new frontiers,
especially in the Gulf Cooperation Council countries and ASEAN/Malaysia.