Jun 16 2011 |
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Elaf Bank to open branch office in Kuala Lumpur
By Mahmood Rafique MANAMA: Bahrain-based Elaf Bank , licensed by the Central Bank of Bahrain to operate as a wholesale Islamic bank with a paid-up capital of $200 million, has been granted a license by the Ministry of Finance Malaysia to open a branch office under the Malaysia International Islamic Finance initiative in Malaysia.Elaf Bank was presented with the license during a formal ceremony held at Bank Negara Malaysia on Wednesday in the presence of key officials and representatives from both sides.
Elaf Bank plans to start its branch office operations in Kuala Lumpur immediately now that it has fulfilled the formalities required for obtaining the license.
He said: " Elaf Bank is developing its business through two hubs covering the GCC and MENA region and the South East Asia region, as a two-way business corridor. Being a wholesale Islamic bank headquartered in the capital of Islamic finance in the Middle East (Bahrain), the logical next step would be to open our first international branch office in the capital of Islamic finance in South East Asia (Malaysia). This will help us operate more efficiently and closely to meet the needs of our cross-regional clients, and be able to execute deals that will contribute to the sustainable growth of the Islamic finance industry in both strategic markets," he added.
Elaf Bank is a closed shareholding company incorporated in Bahrain.
The bank encompasses the full spectrum of wholesale Islamic banking with an additional differentiating dimension geared toward developing the sukuk secondary market to act as a market maker.
Elaf Bank currently provides a wide range of financial services to clients involving investment banking including fund-raising advisory, mergers and acquisitions and asset management and treasury and capital markets such as liquidity management, foreign exchange, investment, structured products and derivatives.
© Arab News 2011
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