CIMB launches Islamic product in Hong Kong

The Murabahah-based product allows for the opening of an Islamic interbank money market in the city.

CIMB Islamic yesterday launched a Commodity Murabahah Deposit product in Hong Kong, which will be available through the Hong Kong branch of its affiliate CIMB Bank. The move expands Hong KongÆs nascent Islamic banking sector and allows for the opening of an Islamic interbank money market in the city.

The product is based on Shar'iah principles that forbid the charging of interest as well as investments in prohibited activities such as liquor and gambling enterprises. It will be backed by...

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