Malaysian investment bank and Saudi Dallah Al-Baraka form Islamic Investment alliance
A Memorandum of Understanding (MoU) was signed between Commerce International Merchant Bankers (CIMB), a Malaysian investment bank, and Al-Tawfeek Company for Investment Funds, a financial subsidiary of the Dallah Al-Baraka Group.
"Al-Tawfeek aims to expand its Middle East-based investment activities in Malaysia and the Far East. Both companies aim to establish a global network to market and distribute Shariah compliant investment products. Senior executives of both companies met recently in Jeddah to discuss how both companies can compliment on another and successfully form an alliance,” commented President of Al-Tawfeek, Saleh J. Malaikah.
According to CIMB Group's Chief Executive Officer Nazir Razak, Islamic investment banking has been marginalized as a force in international finance because Islamic financial institutions have remained regional. By joining forces and linking up Middle Eastern and Southeast Asian capital markets Islamic investment banking could become a global force.
Headquartered in Jeddah, the Dallah-Al-Baraka Group has an annual business budget of six billion dollars with operations in 43 countries around the world. Its fields of activity include trade operations, industry, real estate, information and finances. — (menareport.com)
© 2003 Mena Report (www.menareport.com)