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Singapore’s OCBC launches Islamic unit in Malaysia

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Points of Essence:

  • Singapore based OCBC Bank has set up its Shariah compliant banking subsidiary in Malaysia. Known as OCBC Al-Amin, the subsidiary will be operational on December 1. Reuters reported.

SINGAPORE, Nov 11 (Reuters) – Oversea-Chinese Banking Corp, Singapore’s third largest lender, said on Tuesday its Malaysian unit had launched an Islamic banking subsidiary that will start operations on Dec 1.

Called OCBC Al-Amin, the Islamic unit is licensed to offer the full range of Shariah-compliant universal banking services including Islamic hire-purchase and Shariah-compliant corporate finance activities. (Reporting by Kevin Lim; Editing by Anshuman Daga)

Source: http://www.reuters.com

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Written by Suapi Shaffaii

November 11, 2008 at 3:18 pm

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