Shariah banking is continue to grow robustly in the Asia-Pacific region, with Indonesia forecasting that Islamic financial products will comprise 5% of the total market by mid-2013, and news that it has continued its expansion in the Singaporean market. The Monetary Authority of Singapore says that Islamic banking is far from reaching its potential in the country, adding that the Lion City is well placed to play a role in advancing the growth of cross-border Islamic financing.
Malaysia’s Maybank has made Encik Mohamed Rafique Merican Mohd Wahiduddin Merican ‘Officer-in-Charge’, effective today, while the board looks for a new CEO to replace Dato’ Sri Abdul Wahid Omar who has taken up a post in the the Prime Minister’s Department.
Ernst & Young suggests that India may lose its lead as the premier destination for offshored roles, with other other Asian countries, including China and the Philippines, emerging as credible contenders.
Investors signalled their disapproval of Japan Prime Minister Shinzo Abe’s long-anticipated speech on economic growth, with the Nikkei diving 3.8%, bringing its overall decline in the past two weeks to 18.4%. Analysts said Abe dodged tough decisions and failed to meet the market’s high expectations.
Conditions are mature for China to launch a long-awaited deposit insurance system after consensus was reached within the government.
Daiwa Securities Group doubled compensation for its top executives last fiscal year and Nomura Holdings resumed paying cash bonuses as profit surged amid a market rally driven by Japan’s economic stimulus policies.