Public Investment Bank joins Bursa’s Shariah platform

Bursa Malaysia Bhd has included Public Investment Bank Bhd (PIBB) to its list of Islamic participating organisations, making it the 13th stock- broking house partnering with Bursa Malaysia-i, the Shariah-based investing platform.

Bursa Malaysia CEO Datuk Seri Tajuddin Atan said with 13 Islamic participating organisations on board the local bourse, the exchange can help grow the Islamic capital market in the country.

“We hope that together we will be able to provide a conducive marketplace for the Shariah investing community and will continue to spur the growth and vibrancy of the Islamic capital market domestically and regionally,” Tajuddin said in a statement last Friday.

PIBB CEO Eddie Fong said the brokerage firm can now roll out its Islamic stockbroking window services to clients, after receiving approval from Bursa Malaysia.

“This offers clients the options and flexibility to invest and trade freely in the equity market in compliance with Shariah principles,” Fong said.

“Moving forward, PIBB will strive to broaden its range of Islamic services that it presently offers to create a comprehensive marketplace and continuously contribute to the Malaysian Islamic capital market.”

Islamic stockbroking services segregate clients’ fund or trust monies from conventional funds and place it into Shariah-compliant accounts.

Bursa Malaysia-i, the world’s first end-to-end integrated Shariah investing platform was launched on Sept 5 last year, and incorporates Shariah-compliant exchange-related services including listing, trading, clearing, settlement and depository services.

The 13 listed Islamic participating organisations in the country are Affin Hwang Investment Bank Bhd, AmInvestment Bank Bhd, BIMB Securities Sdn Bhd, CIMB Investment Bank Bhd, Hong Leong Investment Bank, Jupiter Securities Sdn Bhd, Kenanga Investment Bank Bhd, Malacca Securities Sdn Bhd, Maybank Investment Bank Bhd, RHB Investment Bank Bhd, TA Securities Holdings Bhd, Inter-Pacific Securities Sdn Bhd and PIBB.

BIMB Securities is the only firm to conduct Islamic stock-broking on a full-fledged basis, while the remaining 12 operate on a “window” basis.