Unicorn Malaysia announces support to floods relief effort
30 November 2010
Unicorn International Islamic Bank Malaysia Berhad (Unicorn Malaysia) announces that it has made a charitable donation in support of the Media Prima and New Straits Times joint appeal to raise funds for the victims of the devastating floods in the northern states of Malaysia.
The Bank's donation of RM10,000 will be used to bolster relief efforts and to provide flood victims with immediate and essential humanitarian aid, including food, drinking water, blankets and medical supplies.
Ikbal Daredia, Chief Executive Officer of Unicorn Malaysia, commented: "We are pleased to be able to support the relief effort and to play our small part in providing much-needed assistance and aid to those whose lives have been devastated by the floods. Our thoughts are very much with the families affected by this crisis in their critical time of need."
Unicorn Malaysia, a subsidiary of Bahrain-based Unicorn Investment Bank, was the first foreign Islamic bank to be licensed to conduct a full range of non-Malaysia Ringgit banking activities under the Malaysia International Islamic Financial Centre. The Bank's primary focus is on three core business lines: Treasury, Corporate Banking and Investment Banking.
In 2009, Unicorn Malaysia became the first institution to obtain approval from Bank Negara Malaysia (BNM) for its Wakala Deposit and Restricted Wakala products and successfully introduced these to the market. The Bank also closed its maiden Corporate Banking deal, an RM101 million club deal to provide financing to Puncakdana Sdn Bhd for the purposes of developing CITTA, and open concept retail precinct located in Saujana/Ara Damansara in Kuala Lumpur. As part of its cross-border initiative, the Bank has also financed several major transactions in the GCC region.
Commenting on Unicorn's presence in Malaysia, Yousef A. Al-Shelash, Chairman of Unicorn Investment Bank, said: "As Asia's Islamic finance hub and a major global Islamic finance centre, Malaysia has always been important to Unicorn strategically. We have been present in Malaysia since Unicorn's inception in 2004, and we view our presence here as a core element of our international growth strategy. We remain committed to supporting our bank in Malaysia and going forward intend to focus our efforts on building our capabilities in corporate and investment banking and treasury products and services. We also hope to play an important role in originating cross-border transactions between Malaysia and the GCC countries, leveraging Unicorn's network and track record in the GCC region."
He added: "We would like to extend our sincere appreciation and gratitude to the government of Malaysia and Bank Negara Malaysia for the excellent support and guidance provided to Unicorn, in keeping with the government's strategy of promoting Malaysia as a major centre for Islamic finance."
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