Three Shariah-compliant unit trust products will be made available at all OCBC Bank Malaysia and OCBC Al-Amin branches in Malaysia. Oversea-Chinese Banking Corporation Limited (“OCBC Bank”), through its subsidiary OCBC Bank (Malaysia) Berhad (“OCBC Bank Malaysia”), announced that OCBC Al-Amin Bank Berhad (“OCBC Al-Amin”), the wholly-owned subsidiary of OCBC Bank Malaysia, is offering Shariah-compliant unit trust products for the first time.
Speaking at the opening of the second OCBC Al-Amin branch in Wangsa Maju today, Director and CEO of OCBC Al-Amin, Tuan Syed Abdull Aziz Syed Kechik said the move is part of the Bank’s commitment to meet customers’ needs by providing a comprehensive range of innovative Islamic financial solutions.
“The introduction of unit trust products now brings us closer to our goal of making a complete range of Islamic banking solutions available to our customers. Currently, we have already built a stable of over 30 Shariah-compliant products that range from simple deposit and financing offerings to complex investment banking solutions.”
The three new Shariah-compliant unit trust products introduced today are PRUdana al-islah, PRUdana Dinamik and HLG Islamic Income Management Fund, developed based on the Islamic principle of wakalah. Under the wakalah principle, the Bank acts as an agent of unit trust management companies to distribute such products to customers.
According to Syed Abdull Aziz, each of the Shariah-compliant unit trust products comes with the flexibility to act either as an investment tool or as a means for timely conversion into a liquid asset.
For example the HLG Islamic Income Management Fund, while having the flexibility of being an investment tool, allows customers to exit the scheme at any time without incurring additional costs. For PRUdana Dinamik, the investment philosophy is so flexible that the equity investment portion may be raised to a high of 100% or reduced to as low as zero to suit market conditions.
The second OCBC Al-Amin branch is a two storey shop house located at Wangsa Maju, a business and residential district in the Klang Valley, Kuala Lumpur. It opens daily from 9am to 4.30pm (Monday to Friday), and will offer the full range of Islamic banking products and services.
Among the offerings available at the OCBC Al-Amin Wangsa Maju branch are a self-service banking lobby known as OCBC Fastlane; a retail customer service area; teller services and a business banking centre. The fully-automated OCBC Fastlane features cash and cheque deposit machines, alongside automated teller machines (ATMs).
“At Wangsa Maju branch, we hope to continue to offer innovative Shariah-compliant financial solutions that serve individuals and businesses in both the Muslim and non-Muslim communities,” Syed Abdull Aziz said.
On future plans, Syed Abdull Aziz said OCBC Al-Amin plans to open three more bank branches during the course of 2009 as part of its programme to participate in Malaysia’s development as an Islamic Banking hub. The first OCBC Al-Amin branch opened at Jaya One, Petaling Jaya, on 1 December 2008.
--www.theasianbanker.com (March 11 2009)--
Speaking at the opening of the second OCBC Al-Amin branch in Wangsa Maju today, Director and CEO of OCBC Al-Amin, Tuan Syed Abdull Aziz Syed Kechik said the move is part of the Bank’s commitment to meet customers’ needs by providing a comprehensive range of innovative Islamic financial solutions.
“The introduction of unit trust products now brings us closer to our goal of making a complete range of Islamic banking solutions available to our customers. Currently, we have already built a stable of over 30 Shariah-compliant products that range from simple deposit and financing offerings to complex investment banking solutions.”
The three new Shariah-compliant unit trust products introduced today are PRUdana al-islah, PRUdana Dinamik and HLG Islamic Income Management Fund, developed based on the Islamic principle of wakalah. Under the wakalah principle, the Bank acts as an agent of unit trust management companies to distribute such products to customers.
According to Syed Abdull Aziz, each of the Shariah-compliant unit trust products comes with the flexibility to act either as an investment tool or as a means for timely conversion into a liquid asset.
For example the HLG Islamic Income Management Fund, while having the flexibility of being an investment tool, allows customers to exit the scheme at any time without incurring additional costs. For PRUdana Dinamik, the investment philosophy is so flexible that the equity investment portion may be raised to a high of 100% or reduced to as low as zero to suit market conditions.
The second OCBC Al-Amin branch is a two storey shop house located at Wangsa Maju, a business and residential district in the Klang Valley, Kuala Lumpur. It opens daily from 9am to 4.30pm (Monday to Friday), and will offer the full range of Islamic banking products and services.
Among the offerings available at the OCBC Al-Amin Wangsa Maju branch are a self-service banking lobby known as OCBC Fastlane; a retail customer service area; teller services and a business banking centre. The fully-automated OCBC Fastlane features cash and cheque deposit machines, alongside automated teller machines (ATMs).
“At Wangsa Maju branch, we hope to continue to offer innovative Shariah-compliant financial solutions that serve individuals and businesses in both the Muslim and non-Muslim communities,” Syed Abdull Aziz said.
On future plans, Syed Abdull Aziz said OCBC Al-Amin plans to open three more bank branches during the course of 2009 as part of its programme to participate in Malaysia’s development as an Islamic Banking hub. The first OCBC Al-Amin branch opened at Jaya One, Petaling Jaya, on 1 December 2008.
--www.theasianbanker.com (March 11 2009)--