Press Metal Bhd (PMB) has secured RM355m worth of Shariah-based financing from a consortium of banks, which include RHB Islamic Bank Bhd and Kuwait Finance House (Malaysia) Bhd, for its aluminum smelter plant in Sarawak. Present at the signing ceremony for the financing facility in Kuala Lumpur yesterday were (from left) Press Metal Sarawak Sdn Bhd director Datuk Paul Koon, PMB executive vice chairman PM Koon, RHB Banking Group MD Michael J Barrett and RHB Islamic Bank Bhd MD Jamelah Jamaluddin.
RHB Islamic Bank Bhd is expected to maintain a loan growth of 20% next year as it focuses on segments like Istisna (manufacturing contract) services bring businesses to the bank. RHB Islamic MD Jamelah Jamaludin said for this year, the lender is on track to meet its loan growth target of 20%. Speaking to reporters after a syndicated Islamic term financing facility signing ceremony in Kuala Lumpur yesterday, she said the bank also plans to grow its branch network from seven to 11 by yearend. On the bank's capital adequacy, she said the bank does not need extra capital and is comfortable with its current capital adequacy level. "Currently, our single customer limit is up to RM200 million. We do not need to inject more capital," she told The Malaysian Reserve recently. RHB Islamic belongs to the RHB Banking Group and started operations in 2005. It is the first full-fledged Islamic bank to mature from an Islamic banking window operation of a conventional bank. RHB Islamic offerings are available at more than 180 RHB Banks and RHB Islamic bank branches nationwide. — (By Isabelle Francis, The Malaysian Reserve, Oct 31, 2008, Page 6)
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