cimb-launches-islamic-product-in-hong-kong

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 commodities, including palm oil and different metals.

A Murabahah product offers investors fixed returns through the prior statement of costs by the seller or bank.

CIMB IslamicÆs product launch in Hong Kong is part of...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222