Affin Hwang Investment Bank Bhd has become the first bank to be an approved supplier and user under the newly launched Islamic Securities Selling and Buying Negotiated Transaction (ISSBNT) model — an alternative to conventional securities borrowing and lending (SBL) — launched by Bursa Malaysia.
As a Bursa-approved supplier and user, Affin Hwang can undertake the buying and selling of Shariah-compliant securities for its own account, as well as administer ISSBNT owners’ activities, as an agent (wakalah).
“This activity demonstrates Affin Hwang’s commitment to be a leader in the securities industry in Malaysia, and proves our provision of service excellence to our clients,” Affin Hwang Capital group MD Datuk Maimoonah Hussain (picture) said in a statement yesterday.
The new model was launched by Bursa Malaysia last year to provide a more facilitative trading environment. — TMR