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Malaysia PNB to create RM20 billion of new Islamic shares for Maybank

PNB group chairman Tan Sri Abdul Wahid Omar said if the proposal materialised, the i-Maybank shares would be a syariah-compliant asset worth about RM20 billion.
This will be three times larger than the market value of BIMB Holdings Bhd, Wahid added.
The work on the mechanism is still in progress and very much within the PNB level, he said at a luncheon talk organised by the Malaysian Press Institute here.
"We think there is logic and basis to it. If it is successful, the other such as CIMB Group Bhd, RHB Bank and Bursa Malaysia may replicate the model," he added.
PNB currently owns a 48 per cent stake in Maybank, Malaysia largest bank group which in turn is the fourth largest bank in Asean by asset and the world's fifth largest Islamic bank.
Wahid said PNB's move was in support of the government Islamic financing agenda by creating more listed shariah investment instruments via its investee companies.

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