OCBC secures Islamic banking license

OCBC secures Islamic banking license

SINGAPORE: A Singapore bank has opened for business in Brunei with an eye toward securing a slice of the rapidly expanding Islamic banking market, the Overseas Chinese Banking Corporation (OCBC) said on Saturday.

An OCBC statement said it had a full International Islamic Banking License from the Brunei Internal Financial Center.

Under the license, OCBC is entitled to offer Islamic banking products and services to international companies, but cannot carry out retail banking in the tiny sultanate.

The bank is seeking to increase its international Islamic banking business by reaching out to customers outside Singapore and Malaysia, said chief executive David Conner.

"Besides Malaysia, Brunei is our choice as a base for us to expand our international Islamic banking business," he said.

For a start, OCBC will offer wholesale Islamic banking deposit and investment products to corporate customers, said OCBC spokeswoman Koh Ching Ching.

"Among others, companies in the Middle East will be a natural target due to the strong growth potential there," Koh added.

OCBC introduced Islamic banking services in Malaysia in 1995. -- DPA