July 14, 2013 by apicomely
Malaysia’s Islamic finance overhaul boosts protection for depositors
Finance Sun, Jul 14, 2013, 8:06 AM EDT – U.S. Markets closed Xinhua corrects China Finance minister’s growth target comment Reuters Sat, Jul 13, 2013 6:48 AM EDT View Photo Chinese Minister of Finance Lou Jiwei smiles before the G20 finance ministers and central bank governors family photo during 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington, April 19, 2013. REUTERS/Yuri Gripas BEIJING (Reuters) – The official Xinhua News Agency corrected on Saturday a dispatch that quoted the finance minister as saying growth could be 7 percent this year, in an apparent attempt to defuse market worries on a more severe slowdown. Xinhua’s corrected story clarified that Minister Lou Jiwei, speaking in Washington, said: “There is no doubt that China can achieve this year’s growth target of 7.5 percent”. That amounted to repeating the official target set in March for the world’s second largest economy when the new government took office.
PM Lee to WP’s Low: Clear up hawker cleaning issue, matter of integrity Prime Minister Lee Hsien Loong, in his first comments since the recent dramatic exchange in Parliament between a PAP MP and the opposition, said that it is wrong that Worker’s Party (WP) secretary-general Low Thia Khiang isn’t investigating the integrity of his party’s MPs further. It was questioned in the Parliament exchange. More Housing Minister Shuwaish Al-Dhuwaihi and Samba Chairman Eissa Al-Eissa have jointly launched a housing loan program introduced by the bank in association with the Saudi Real Estate Development Fund. The program will enable Samba customers who have applied for REDF loans to own a suitable house on the basis of a financing scheme that follows Shariah principles, said an official statement after the signing ceremony.
Samba-REDF deal to finance housing projects
The IFSA also gives Malaysia’s finance ministry more powers to further scrutinize financial holding companies and non-regulated entities if they pose a risk to financial stability. “From my view, it is quite comprehensive. The challenge is to ensure the enforcement, and to make people understand it,” Akram added. TAKAFUL The IFSA may also reshape the takaful (Islamic insurance) sector by requiring the separation of life and general business lines, the latter covering property and automobiles.