Monday 31, October 2011 by

Elaf Bank, Ohad Trust joint venture in Malaysia

Dr. Jamil El Jaroudi, Chief Executive Officer of Elaf Bank, said, “Ever since its inception, Elaf Bank has been actively sourcing and developing business in the two strong and well regulated Islamic Finance hubs, Bahrain and Malaysia. When we sought a branch office license in Malaysia, it was because we believed that having presence in South East Asia in addition to our headquarters in Bahrain will create more business opportunities, and our belief was right. Having a branch office in Malaysia has definitely opened more doors not only for our Bank, but also for other Bahrain-based entities, and has allowed us to fulfill our promise to better serve our wide range of Islamic finance client needs in both the GCC and SEA regions.”

Stefan Cnoops, Chief Executive Officer of Ohad Trust, stated, “As the first ever licensed trustee in the Middle East, Ohad Trust has been present in Bahrain since 2005. We are proud to expand our presence and business prospects into South East Asia by obtaining a license in Malaysia. There can be no doubt that Elaf Bank and Ohad Trust share common objectives and we are very happy to have joined forces through this strategic partnership in such an important market. We are confident Ohad Labuan, which is backed by a comprehensive regulatory framework and legal environment in Malaysia, will be able to capture significant trust related work, particularly in relation to Sukuk. We are equally confident that Ohad Labuan will become a leader, as it already is in Bahrain, in the administration and custody work of the increasingly important Labuan Islamic Investment Funds market.”

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