CIMB Islamic Bank Berhad intends to issue more foreign-currency denominated structured products in Southeast Asia this year, as part of its plans to fortify its regional position in Islamic Banking.
Chief executive Badlisyhah Abdul Ghani said, “We plan to launch more Shariah-compliant structured products, in particular in Singapore, Indonesia and Brunei, which are denominated in their respective local currencies.”
Ghani told local reporters, “Our strategy is to go out there with innovative products. The market already has many certified Islamic [deposits], but they are not structured products. It is a matter of continuing our efforts and making sure our innovations meet customers’ requirements.”
Given the intense competition in the Islamic products market, Ghani expects other financial institutions to follow in CIMB’s footsteps.
