06 Local News
06 Local News
@ Halal | July-August . 2024
Empowering future financiers
IN A strategic move to establish Malaysia as a global hub for Islamic finance , Bank Muamalat Malaysia Berhad ( Bank Muamalat ) has partnered with the International Centre for Education in Islamic Finance ( INCEIF ) University .
Through this partnership , the Muamalat Education Financing solution was introduced . The initiative was recently officially announced during the Memorandum of Understanding ( MoU ) signing ceremony .
The initiative focuses on the education sector , providing financial assistance to students furthering their studies in Islamic finance . The idea is to cultivate expertise in the field by making education more accessible , thereby contributing to the industry ’ s growth .
Bank Muamalat President and Chief Executive Officer ( CEO ) Khairul Kamarudin stated : “ This collaboration not only empowers aspiring students through education and talent development but also propels the advancements of the Islamic finance industry .”
As noted by Khairul , this partnership aligns with Bank Muamalat ’ s brand mission , ‘ Better lives , together ’. It seeks to create long-term positive changes in communities , starting with education .
The Muamalat Education Financing offers an aggregate of RM100,000 to postgraduates pursuing Professional Certificates , Master ’ s , PhDs , and similar programmes at INCEIF University .
Malaysian students aged 18 or older , with a total income of at least RM3,000 , are eligible to apply . Those applying can also benefit from the introductory effective rate . Interested students can apply in person at Bank Muamalat
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( From left to right ) INCEIF University
President and Chief Executive Officer
Prof Emeritus Dato Dr Mohd Azmi Omar ,
INCEIF University
Chief Financial Officer Mohamad Shahadan Raja Mohamed , Bank Muamalat Chief Risk
Officer Hamidi A Razak .
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branches or online through the Muamalat Application Platform ( MAP ).
INCEIF University is currently the only university in the world specialising in Islamic finance education . The university has received an accreditation by the Association to Advance Collegiate Schools of Business ( AACSB ) in recognition of its exceptional Islamic finance programme .
INCEIF University President and Chief Executive Officer , Prof Emeritus Dato Dr Mohd Azmi Omar , emphasised the significance of collaboration between the industry and academic institutions .
“ In establishing a world-class centre for education , research , and training in Islamic Finance ( IF ), the collaborative efforts between industry and academia are of importance ,”
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said Azmi .
He noted that financial constraints often discourage the pursuit of advanced studies . An additional expenditure for education is less considered against rising living costs , especially for those with middle- and lowerincome levels .
By offering loans up to RM100,000 , Muamalat Education Financing helps cover tuition fees and other related expenses . This financial support is expected to encourage students to pursue advanced degrees in Islamic finance at INCEIF University .
Overall , the MoU signifies more than a mere formal agreement . It demonstrates a shared dedication between Bank Muamalat and INCEIF University to nurturing talent and fostering excellence in Islamic finance .
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In-flight success
SERVING exceptional in-flight meals has become crucial to enhancing the passenger experience . This is especially true for airlines seeking to cater to their passengers ’ dietary and cultural needs .
Leading the aviation catering market is Brahim ’ s Food Services Sdn Bhd ( BFS ), a subsidiary of Brahim ’ s Holdings Berhad ( BHB ). The company is distinguished for its fully halal-compliant services . Everything from food preparation to logistics adheres to strict halal standards .
BFS broadens its market presence by expanding its halal inflight catering services to 35 international airlines . This includes seven leading airlines : ANA All Nippon Airways , Cathay Pacific Airways , Emirates , EVA Air , Japan Airlines , and Turkish Airlines .
In addition , these airlines were all ranked among the top ten best airlines worldwide in the 2024 World Airline Awards . By serving these airlines , BFS reinforces its image as a trusted halal food supplier in the global aviation catering industry .
This acknowledgement is a proud moment for everyone at BFS , as it reaffirms their dedication to providing top-notch halal catering services .
BFS faced many challenges , such as losing its business partnership with Malaysian Airlines ( MAS ). Despite the setback , BFS achieved a profit of approximately RM12 million for the fiscal year that concluded in 2023 .
“ This financial success underscores the resilience and robust business model of Brahim ’ s group of companies ,” said BHB Group Chief Executive Officer ( CEO ) Mohd Fadhli Abdul Rahman .
BFS ’ s ability to immediately bounce back from setbacks proved its secure and dependable operating and revenue-generating strategy . Moving forward , BFS plans to diversify its clientele further to ensure continued growth and profitability .
By staying agile and adaptable , BFS is well-positioned to thrive in an ever-changing business landscape .
CIMB Islamic ’ s winning streak
CIMB Islamic Bank Berhad ( CIMB Islamic ) is reinforcing its status as Malaysia ’ s leading Islamic financial institution . The bank won the Global Islamic Bank of the Year and Most Innovative Islamic Savings Product awards at the Banker ’ s Islamic Banking Awards 2024 .
Furthermore , CIMB Islamic has again been named Malaysia ’ s Best Islamic Bank . This marks their eighth consecutive win at the Islamic Finance News IFN Best Banks Poll 2023 .
These awards highlight the bank ’ s innovation and leadership in the Islamic finance sector . “ We are honoured to be recognised with these awards , which reaffirm our expertise and strengths in delivering innovative Shariah-compliant to our clients and customers ,” expressed CIMB Islamic Chief Executive Officer ( CEO ) Ahmad Shahriman Mohd Shariff .
A notable product by CIMB Islamic is the Daily Unrestricted Investment Account-I ( DURIAN-i ). This offering has been conferred the Most Innovative Islamic Savings Product by the Banker ’ s Islamic Banking Awards .
DURIAN-i is particularly significant as the bank ’ s first sustainability-linked Investment Account ( IA ). This means the funds deposited into the DURIAN-i account are allocated to the bank ’ s retail assets .
CIMB Islamic ’ s sustainability efforts extend to its electric vehicle ( EV ) financial solutions , offering preferential fixed rates . For quicker approvals within eight hours of application submission , the bank implemented a specialised approval process known as the Green Lane Finance Approval .
Rebates for secure motor insurance and additional complimentary EV coverage are also included . The bank has also launched the CIMB Petronas Visa Platinum-I and Infinite-I credit cards . By 2023 , the cards had 33,000 openings with an outstanding amount of RM80 million .
Yet another noteworthy achievement is its takaful plan , the Sun Legacy Shield . The plan is investment-linked , which means it combines both investment and protection components .
Shahriman also assured that the bank will continue adhering to value-based intermediation ( VBI ) principles . Through this approach , the bank seeks to align its operations and services with sustainable development and social wellbeing while pursuing financial success .
The bank has successfully completed several major domestic and international transactions .
The Republic of Indonesia issued a US $ 2 billion Global Sukuk Offering ( Global Trust Certificate ) last year , which is another milestone for the bank . The offering included a US $ 1 billion green trance and is the largest sukuk issuance in 2023 by an Asian sovereign .
The transaction also achieved the tightest five-year and ten-year spreads for an Asian sovereign in the past two years . CIMB Islamic played an important role in this transaction , acting as the sole principal adviser , arranger , dealer , lead manager , and book runner .