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Daily Dispatches – Shariah banking steams ahead in Asia

Photo: rogiro

Photo: rogiro

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.

Temp job

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.

India losing ground

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.

Nikkei knock

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.

China deposit insurance market soon

Conditions are mature for China to launch a long-awaited deposit insurance system after consensus was reached within the government.

Daiwa doubles up

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.

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