Speaking at an exclusive interview on Bernama TV, Malaysia’s Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that as the country opens up for business activity, the retail sector was looking at a new normal.According to the Finance Minister (FM), since the imposition of the Movement Control Order (MCO) in March 2020 amidst COVID-19, there has been a 40% increase in online sales of fast-moving consumer goods in Malaysia. He noted that Malaysia is a consumer-driven nation, reliant on consumer spending for its economic growth.Given this, the FM stressed that the retail secto...

During the first Islamic Finance Virtual Forum organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on 'COVID-19 Economic Implications, Islamic Finance and the Way Forward', industry experts have urged the Islamic Finance industry to work out a revenue generation aspect for a long-term socially driven Waqf Sukuk.At the conference, Islamic bankers affirmed that they were responding to the pandemic by taking a balanced approach to the concerns of all stakeholders, not just their shareholders. The speakers pushed for an emphasis on risk sharing that co...

The latest Leading Index (LI) compiled by the Department of Statistics Malaysia (DOSM) measuring the turning points in economic activity has reported the largest monthly decline in economic activity since November 1991 by falling further from negative 0.8% in the prior month to negative 4.9% in March 2020. Meanwhile, the annual change of LI recorded a negative 3.6% in March 2020 compared to 1.7% in February 2020.According to news reports, the fall in economic activity was driven by the fall in projected sales value in the manufacturing sector and the number of new companies registered...

The World Bank urged the Government of Indonesia to establish a sound fiscal strategy to flatten the debt curve and maintain financial market confidence as debt mounts amidst the COVID-19 pandemic.According to Ralph van Doorn, World Bank Senior Economist for Indonesia, the Debt to Gross Domestic Product ratio was expected to increase to 37% in 2020 from 29.8% in 2019 due to increased borrowings to manage the widening budget deficit, the economic downturn and the depreciation of the IDR. Van Doorn added that the Government needed to provide assurances regarding its fiscal strategy in order to...

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Etiqa, the insurance and Takaful arm of Malayan Banking (Maybank), has entered into Cambodia, after Etiqa General Insurance (Cambodia) (EGI) and Etiqa Life Insurance (Cambodia) (ELI), received operating licenses from Cambodia’s Ministry of Economy and Finance. Talking of the expansion, Etiqa Insurance and Takaful Group Chief Executive Officer, Kamaludin Ahmad, stated that Etiqa’s decision to penetrate the Cambodian market was driven by the fact that up to 97% of Cambodians were uninsured.  In a statement...

An announcement from Qatar International Islamic Bank (QIIB) states that Moody’s has affirmed its A2 rating with a Stable Outlook.  According to Moody’s, a key factor contributing to this affirmation was QIIB’s reputation in retail banking, as well as its long-standing presence as one of the oldest banks in Qatar.  Moody’s noted that QIIB has a sound liquidity position, high-quality assets, as well as a strong funding profile, and the added buffer of government support, as required. QIIB’s Chief Executive Officer (CEO), Dr Abdul...

Moody's Investors Service (Moody's) has affirmed the BAA2 Insurance Financial Strength Rating of Kuwait-based KFH Takaful Insurance Company (KFH), with a Stable Outlook.  The affirmation of the rating is an indication that Moody’s expects KFH to maintain a good capitalisation level in spite of recent market volatility, a strong market position as the second largest Takaful and sixth largest overall insurance group in Kuwait, as well as a good underwriting profitability. In addition, the BAA2 rating is also supported by KFH’s well diversified product...