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| CIMB Islamic |
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CIMB Islamic goes from strength to strength, and today boasts over M$40 billion ($12 billion) in assets, offering a plethora of services in wholesale and consumer banking. On the retail side, for example, the bank has extensive network coverage throughout Asia, with 1,109 branches in 14 countries.
In the year to November 2011, CIMB Islamic reported record profits before tax of M$359 million, up 28.4% on the previous year. CIMB Islamic’s gross financing assets grew 11.4% year on year and accounted for 13.7% of total CIMB Group loans. Total deposits for the Islamic bank grew by 17.8% year on year to M$25 billion.
In October 2011 CIMB was joint lead manager and Shariah adviser on the world’s first renminbi sukuk, which was also the first renminbi offering by a Southeast Asian quasi-sovereign issuer. The deal raised Rmb500 million ($78 million) for Khazanah Nasional Berhad (the Malaysian government’s investment holding arm). It was issued via a special purpose vehicle, Danga Capital Berhad. In all, CIMB completed 15 primary sukuk issuances in local and foreign currency in 2011.
