The Malaysian bank is in talks with companies in India and China to sell ringgit-denominated sukuk as they seek to skirt a lack of Shariah rules in their own nations, Badlisyah Abdul Ghani, chief executive officer of the Kuala Lumpur-based Islamic unit, said in a Dec. 11 interview. The lender managed 13 percent of the record $45 billion in global issuance this year, trailing the 25 percent of nearest rival HSBC Holdings Plc.
CIMB, which bought RBS units including those in Australia, Hong Kong and Taiwan in April, also plans to open an office in Saudi Arabia, Qatar or Abu Dhabi early next year to win more business in the Gulf Cooperation Council, Badlisyah said. HSBC announced in October that it would stop offering Shariah- compliant retail products in countries such as the United Arab Emirates and Bahrain, and instead would focus on the larger sukuk markets of Saudi Arabia, Indonesia and Malaysia.
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