Alkhair International Islamic Bank eyes opportunities in Shanghai

The bank’s Chairman, Datuk Kamaruddin Taib, revealed to Islamic Business & Finance that he will be flying to Shanghai tomorrow (1 June) to take a closer look at a prospect in China’s most populous city.

“The good thing about being in Malaysia is that you are not limited to just Malaysia, we are an international Islamic bank, so we are more interested in the cross border,” Taib told Islamic Business & Finance in an interview.

Alkhair International Islamic Bank eyes opportunities in Shanghai

Taib explained that, as a foreign Islamic bank in Malaysia licensed by the MIFC, its only limitation is that it must conduct its banking activities in non-ringgit foreign currency. “We can do any currency apart from Malaysian ringgit! It’s challenging, but we always like a good challenge,” he said, “We have to look at potential countries who have exposure to non-ringgit currency. Malaysians also invest offshore. There is an opportunity for us to look at a prospect in Shanghai; I cannot give further details, we will have to see what’s on the ground.”

Taib also said that Great Eastern Takaful, of which he is also the Chairman, will be eying cross-border opportunities too – when the time is right. He said, “We will settle here locally, and then the goal is to be regional – Indonesia, Brunei, Singapore – even China”


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