ISLAMIC BANKING | Staff Reporter, Malaysia

BMB seeks full control over Bank Islam Malaysia

Seeks 49% stake in oldest Malaysian Islamic bank.

BIMB Holdings Berhad (BMB) is offering US$885 million for a controlling stake in Bank Islam Malaysia Bhd. from its partners.

The Malaysian investment holding company will pay US$550 million for Dubai Financial Group LLC’s 30.5% stake and US$334.6 million for the 18.5% held by Lembaga Tabung Haji, a Malaysian pilgrimage fund.

The deals will boost BMB’s profitability and help implement more focused group-wide strategies, BMB said. The increased stake would give BMB a larger share of global Islamic financial assets that are forecast to double to US$3 trillion by 2015, said Standard and Poor’s.

Bank Islam is BMB’s largest investment. Established in 1983, it offers financial services that comply with Islam’s ban on interest. It now has a network of 130 branches and over 1,000 ATMs around Malaysia.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.