Business, markets and economy news from Malaysia.
The Malaysian Anti-Corruption Commission has initiated a formal investigation into findings from the Royal Commission of Inquiry on Tabung Haji, deploying investigative teams to the pilgrimage fund's headquarters in a significant development.
Tabung Haji is systematically implementing Royal Commission of Inquiry recommendations, with 75% of 25 proposed reforms already underway, as the government declassifies the report to boost transparency.
A royal commission report warns that Malaysia's RM88 billion guarantee backing Tabung Haji depositors will be triggered if the pilgrimage board fails to execute its recovery plan, posing risks to national fiscal health.
Sultan Nazrin Shah has stressed that abundant resources and talented populations cannot sustain nations without robust institutions, transparent governance, and leaders committed to public service over personal gain.
Malaysia is positioning itself as a gateway for Russian capital into Islamic finance, with the Securities Commission planning exploratory visits to Central Asia and expanding shariah advisory services across the region.
Sime Darby Property's New Economy Venture fund has unveiled a RM2.6 billion sukuk wakalah programme to finance new economy projects, reflecting growing appetite for Shariah-compliant financing in Malaysia's property sector.
Bank Rakyat has raised RM300 million through sukuk issuance, drawing from its RM5 billion subordinated sukuk Murabahah facility to strengthen financial position ahead of expansion.
A group of 111 investors has launched legal proceedings against QEW Group Bhd and its directors seeking recovery of RM20.45 million invested through a shariah-compliant investment scheme that appears to have gone awry.
Twenty participants in Penang have been awarded motorcycles through the iTEKAD CIMB Islamic-MAINPP Entrepreneur programme, a collaborative initiative designed to lift asnaf communities out of poverty through sustainable employment opportunities and business training.