Hong Leong Islamic Bank and UBS Join Forces to Sell Shariah Compliant Structured Products
Kuala Lumpur, 27 March 2007 - Hong Leong Islamic Bank (HLIB) today signed a Distribution Agreement with UBS to kick off a new business initiative.
This agreement will allow HLIB to offer Shariah compliant non-ringgit structured products to qualified customers at its branches.
HLIB will act as principal in selling the products, subject to regulations. As a principal, the products will be restructured and sold under HLIB's name.
As a result of the relationship with UBS, HLIB gets the opportunity to enhance its business activities effectively providing its customers a greater variety of innovative financial solutions. In addition, it allows HLIB to tap on current structured product technologies and experiences.
The signing of the distribution agreements is testimony to HLIB's capacity and authority to sell the structured products.
This signing ceremony was held in conjunction with the inaugural Global Islamic Finance Forum (GIFF) exhibition (26 to 29 March 2007), hosted by Bank Negara Malaysia, at Kuala Lumpur Convention Centre. The aim of the GIFF is to showcase the availability of Islamic banking, finance and investment services in Malaysia.
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