RHB Bank Singapore Launches Islamic Banking Unit

RHB Bank Bhd Singapore on May 7, 2009 officially launched an Islamic banking unit in the city-state, which is the first establishment outside Malaysia

RHB Bank Bhd Singapore on May 7, 2009 officially launched an Islamic banking unit in the city-state, which is the first establishment outside Malaysia. For a start, the Islamic Banking Unit located on the 16th floor of RHB Bank Singapore main office at Cecil Street in Singapore would concentrate on wholesale Islamic banking services, encompassing debt and capital fund raising such as Sukuk issuances to business enterprise, the bank said. The establishment of the banking unit which coincided with the 6th Islamic Financial Services Board Summit beginning in Singapore on May 7, 2009 highlighted the importance of Singapore as a regional Islamic banking hub. The bank's country head Lim Hun Joo said Islamic banking provided a viable alternative solution that many were looking for, in light of the current uncertainty. He said RHB Islamic Bank in Malaysia had over 15 years of experience and the bank in Singapore would be tapping on their understanding of the intricacies of Islamic banking. "The key differentiator is our strong brand and reputation for innovation," Lim said. The bank said Singapore which had matured and sophisticated financial markets supported by a strong regulatory framework, offered wide exposure to several key drivers of growth to financial institutions, especially those that offered Islamic financial services. "Coupled with the rising interest in Islamic financial services, it is a natural move for RHB to leverage on its existing infrastructure in Singapore to expand its Islamic banking offerings regionally," it said. With the bank now offering Islamic banking services, it provides an even greater range of financial options for its clients both in the domestic and international markets, it added. RHB also planned to expand its Islamic banking presence in other places in line with the group's aspiration to be one of the top three financial services providers in the Southeast Asian region, the bank said. Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=3300&Cat=0