Shari'a Services Grow In Asia

Islamic finance continues to boom in Asia, as Singapore property developer City Developments (CityDev) plans a sukuk (Islamic bond) sale the same week as Malaysian lender Hong Leung Bank received the first rights to offer comprehensive Islamic banking services in Hong Kong. Malaysian lender CIMB stated on August 20 that it had been chosen by CityDev, the second biggest property developer in Southeast Asia, to arrange the sale. CityDev plans to sell SGD1bn (US$706mn) of shari'a compliant debt, in what will be Singapore's first Islamic unsecured financing arrangement.

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