OCBC secures Islamic banking license<\/p>\n
SINGAPORE: A Singapore bank has opened for business in Brunei
\nwith an eye toward securing a slice of the rapidly expanding
\nIslamic banking market, the Overseas Chinese Banking Corporation
\n(OCBC) said on Saturday.<\/p>\n
An OCBC statement said it had a full International Islamic
\nBanking License from the Brunei Internal Financial Center.<\/p>\n
Under the license, OCBC is entitled to offer Islamic banking
\nproducts and services to international companies, but cannot
\ncarry out retail banking in the tiny sultanate.<\/p>\n
The bank is seeking to increase its international Islamic
\nbanking business by reaching out to customers outside Singapore
\nand Malaysia, said chief executive David Conner.<\/p>\n
"Besides Malaysia, Brunei is our choice as a base for us to
\nexpand our international Islamic banking business," he said.<\/p>\n
For a start, OCBC will offer wholesale Islamic banking deposit
\nand investment products to corporate customers, said OCBC
\nspokeswoman Koh Ching Ching.<\/p>\n
"Among others, companies in the Middle East will be a natural
\ntarget due to the strong growth potential there," Koh added.<\/p>\n
OCBC introduced Islamic banking services in Malaysia in 1995.
\n-- DPA<\/p>",
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