RHB ISLAMIC wins ‘Most Improved Islamic Bank in Asia’ award

LONDON, 31 January 2007: A broad range of Syariah-compliant consumer and corporate products as well as a RM950 million Sukuk Mudharabah issuance have helped RHB ISLAMIC Bank Bhd (“RHB ISLAMIC”) win the Most Improved Islamic Bank in Asia award from international financial magazine Euromoney.

RHB ISLAMIC was chosen ahead of numerous Islamic financial institutions in the region despite the fact that it had, by then, only completed its first full year as a standalone Islamic financial institution.

The Chief Executive Officer of RHB ISLAMIC, Mr Khalid Bhaimia, received the award on behalf of the bank at the 5th Annual Euromoney Islamic Finance Awards 2007 held in London on 30 January 2007.

Mr Bhaimia said the award would serve as a prime motivator for RHB ISLAMIC to produce more internationally recognised products and services in the future. “The market is very competitive today, so you have to do something unique to survive,” he added.

Mr Bhaimia pointed out that RHB ISLAMIC had not only survived, but its financing asset had grown more than 17% in 2006. He attributed this to the fact that RHB ISLAMIC had not only established and kept a strong team of bankers, but it also listened and got to know its clients’ needs and customised solutions were then created to meet these needs.

Chief Executive Officer of Euromoney Magazine, Mr Simon Brady, said the RM950 million Sukuk Mudharabah for the Mukah Power Plant project, as well as the broad consumer and corporate product range of RHB ISLAMIC were the key reasons for this recognition.

In October last year, RHB ISLAMIC successfully structured and lead arranged the highly innovative Sukuk issuances for Mukah Power Generation Sdn Bhd (“MPG”) and Sarawak Power Generation Sdn Bhd (“SPG”) to finance the Mukah Power Plant project.

Both MPG and SPG are wholly-owned subsidiaries of Sarawak Enterprise Corporation Bhd (“SECB”).
Mr Bhaimia also took the opportunity to thank the RHB Banking Group for its support in effortlessly promoting RHB ISLAMIC’s products and services.
“This achievement is the result of the hard work by the management and staff of RHB ISLAMIC. We hope the award will further strengthen our resolve to accomplish more, and be a stepping-stone to making RHB ISLAMIC a prominent regional player in the industry,” he added.
RHB ISLAMIC first opened its doors to customers on 16 March 2005, making it the first full-fledge Islamic bank to mature from an Islamic banking window operation. It recently received the Kuala Lumpur Islamic Finance Forum (KLIFF) 2006 Award for Most Innovative Products in Islamic Project Financing and the Islamic Finance News (IFN) –Top 10 for Ranking in League Tables 2006.

Issued by Group Corporate Communications Division, RHB Capital Berhad for RHB ISLAMIC Bank Berhad. For further information, please contact Yeoh Guan Jin at (012) 383-5027 or Akmal Baqi Ariff at (012) 665-8704 or Mohd Zaid Hj. Othman (019) 275- 0909 (RHB ISLAMIC Bank).