News

A Vesting Order has been granted by the High Court to  transfer the entire business including all assets and liabilities of EONCAP Islamic Bank Bhd to Hong Leong Islamic Bank from Nov 1, 2011.

Bank Rakyat's pre-tax profit and zakat for the first of 2011 is up by 17 per cent to RM1.5 billion from RM1.28 billion in the same period last year, reports Bernama News.

Foreign lenders strive to survive despite losing market share as domestic banks are gaining competitiveness.

Vietnam’s banking system has become attractive to foreign investors for strategy in the long-term.

The bank believes it would be able to reach its target if Indonesia’s economic growth expands more than 6% next year.

The auction is part of the government's sale of suspended savings banks.

The card company expects all Australian MasterCard credit and debit cards will be PayPass-enabled by April 2014.

The lender’s profit soared 58% to $771.2mn) in the first half.

The lender has adopted a phased approach in using Twitter, YouTube and Facebook for recruitment.

The move to impact banks which had expressed interest to float either insurance or asset management businesses.

The regulation aims to protect customers from a repeat of a massive fraud in 2010.

The tie-up to targets Indonesia’s growing middle class.

CIMB Bank Bhd and CIMB Islamic Bank Bhd recently launched "Wills Online", making it the first bank in the country to offer conventional and Islamic Will writing services online. The service is available via CIMB Clicks. CIMB Group Holdings Bhd said in a statement today, Wills Online enables all types of assets to be distributed to an unlimited number of beneficiaries according to the testator's preference. "Through Wills Online, customers can easily draw up an official will without the hassle of engaging a will writer, and they are able to make provisions for their loved ones anytime and anywhere," said CIMB Bank head of retail financial services, Peter England. The service is also available in a template that complies with Islamic Will, whereby, enabling Muslims to distribute up to one-third of their assets to beneficiaries, not covered under the Islamic inheritance laws (Faraid). Wills Online provides easy navigation and data input for customers, where the whole process of drawing up a will takes about 15 minutes. Meanwhile, the information entered online can be stored temporarily, allowing customers to get the relevant information required and revising the contents accordingly, before proceeding with the online payment and printing of the will. For further details on Wills Online, please call 1-300-880-900, visit any CIMB Bank and CIMB Islamic branches or log on to www.cimbbank.com.my and cimbislamic.com. Bernama News.

Maybank has tied-up with India's Axis Bank to introduce remittance services to beneficiary accounts in India.

Malaysia needs to educate more staff on Islamic banking products and services towards becoming a hub for Islamic finance, said an Islamic banking consultant.

Malaysian MasterCard cardholders spent US$2.03 billion with 22.7 million transactions during the 1Malaysia Mega Sale Carnival from June 15-Sept 4, 2011, reports Bernama.