By NNN-Bernama
Kuala Lumpur : Al Rajhi Banking and Investment Corp (M) Bhd (Al Rajhi Bank Malaysia) will use Malaysia as a platform to expand its investment banking activities in South-East Asia.
Corporate & investment banking division head, Asim M. Basharullah, said the bank was looking at Indonesia, Singapore, Brunei and Thailand.
“We will also possibly look at Hong Kong and some parts of China where there are growing interests in Islamic financing,” he told reporters after signing an agreement with Saudi Telecom Co (STC) here Tuesday.
It was signed between Al Rajhi Bank Malaysia chief executive Ahmed Rehman and STC directors, Ameen Fahad Al Shidi and Khalid Salah Al Ghurair.
He said the bank would like to partner with leading international as well as local banks in the sukuk or syndicated Islamic market.
Under the agreement, the bank would provide STC a 10-year term financing of US$450 million on the basis of structured commodity financing facility.
The facility was extended to STC to facilitate its investment in the US$900 million junior sukuk issued by Binariang Sdn Bhd, the holding company for Maxis Communications Bhd.
Ahmed said the deal represented the largest corporate deal the bank has secured in South-East Asia to date.