HONG KONG: CIMB Islamic, the Islamic banking arm of Malaysia’s second largest bank CIMB Group, has launched its first Syariah-compliant product in Hong Kong.
It also signed the first transaction with Hong Leong Bank for its Commodity Murabahah Deposit.
The product will use commodities like crude palm oil, metal or any tradeable commodities as its underlying asset.
CIMB Islamic chief executive officer Badlisyah Abdul Ghani said the Hong Kong Monetary Authority (HKMA) gave its clearance last week for the launch of the interbank money product.
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