Wednesday, August 4, 2010

Al Rajhi registered as CTP on Bursa Suq Al-Sila'

KUALA LUMPUR: Al Rajhi Investment and Banking Corporation Malaysia Berhad (Al Rajhi) has been registered as a Commodity Trading Participant (CTP) with Bursa Malaysia Islamic Services (BMIS), a subsidiary of BURSA MALAYSIA BHD [], to trade on the Bursa Suq Al-Sila'.

In a statement on Wednesday, Aug 4, Bursa Malaysia chief executive officer Datuk Yusli Mohamed Yusoff said the admission of Al Rajhi, one of the world's largest Islamic banks, was further testament of the acceptance of the Bursa Suq Al-Sila' platform and the structure of Tawarruq in facilitating Islamic finance by Shari'ah Scholars from the Middle East.

"The progress of Bursa Suq Al-Sila' in attracting members locally and in the Middle East has been encouraging and we hope that Al Rajhi's entry will not only generate greater volume, but will also spur interest for more members to come in as Commodity Trading Participants and Commodity Supplying Participants," he said.

Bursa Suq Al-Sila' is the world's first end-to-end syariah-compliant commodity trading platform that facilitates commodity based Islamic financing and investment transactions. Since the launch of Bursa Suq Al-Sila' platform one year ago, BMIS has registered a total of 23 CTPs locally, as well as across Middle East and Europe.

The largest single transaction conducted on the platform in a single day to date was the RM2.4 billion Malaysian government Sukuk 1Malaysia, which was issued recently. Bursa Suq Al-Sila' also bagged the "Market Innovation Award" for The Asset Triple A Awards for Islamic Finance last month.

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