Noor Islamic Bank, a lender controlled by Dubai’s government, said it’s seeking business in Singapore and Malaysia as it aims to benefit from growth in Southeast Asia.
“I’ll be interested in any transaction that comes up,” Hussain Al Qemzi, chief executive officer of the United Arab Emirates-based lender, said in an interview in Singapore today. “Malaysia is the world’s biggest sukuk market. I understand companies are looking to finance infrastructure projects.”
Malaysia, which is aiming to become a global hub for Islamic finance, has a $444 billion program to build roads and power plants over the next 10 years. Sukuk, or Islamic bonds, pay asset returns to comply with the religion’s ban on interest.
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