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business
exceed US$600bil
KUALA LUMPUR: Emirates
Airlines has increased the free
baggage allowance provided to
passengers. The new allowance
has been in effect from May 4.
Passengers are now allowed
30kg for economy class, 40kg for
KUALA LUMPUR: The total Rod Ringrow yesterday. He said the global financial business and 50kg for first.
assets under management by “Islamic finance will attract crisis has had a limited direct “Emirates has moved to
Islamic financial institutions now an increasingly global group of impact on Islamic finance as in- these new, free baggage levels to
exceeds US$600 billion (RM2.1 investors in the years ahead. We vestors seek out asset classes and further demonstrate our commit-
trillion), according to a report. believe the industry as a whole markets they hope would provide ment to putting passengers first,”
State Street Corporation, will respond with new products stability. said Emirates country manager
the world’s leading provider of offering greater variety for a host He noted that the Islamic Fi- Alban Lee in a statement.
financial services to institutional of complex, cross border transac- nancing industry had become a For more information, go to
investors, in its Vision Report tions,” he added. growing option for investors and www.emirates.com.– Bernama
on Islamic Finance stated that “Against the backdrop of a a competitive form of financing
Islamic finance grew as much as challenging global environment, for commercial enterprises.
20% annually since 2003. Islamic finance is emerging as a “It is also allowing for the Bina Goodyear
“In fact, demand for Islamic competitive form of intermedia- further diversification of risks unit to dispose land
finance products and services in tion in the international financial and is contributing to an efficient KUALA LUMPUR: Bina Good-
the global market, may be ex- system. It has a key role to play international allocation of re- year Bhd (BGB) said its wholly
ceeding current availability,” said in restoring confidence in the sources across borders,” he said. owned subsidiary, Greater
State Street senior vice-president market,” Ringrow highlighted. – Bernama Heights Development Sdn
Bhd, is proposing to dispose a
piece of land to Green Heights
bancassurance Selangor.
This will bring immedi-
ate financial benefits, that
Malaysia’s HSBC Amanah Malaysia Berhad, the Islamic respondents moved is, interest savings on bank
consumer subsidiary of HSBC Bank Malaysia, hopes away from higher fi- borrowings of approximately
confidence to generate a fifth of its revenue through nancial risk vehicles RM697,500 to the group as
bancassurance partnerships by 2011. to cash deposits and well as provide additional
at new low HSBC Amanah Takaful Berhad chief insurance. funds for its construction and
pg 16 executive officer Zainudin Ishak (pix) said » Up to 54% of Malaysian future opportune investments.
capitalising on the partnerships would be respondents cited the lack o f – Bernama
their main strategy for the next three years. investment products which are able to give
He was speaking at the results presenta- them the desired returns as the major ob-
tion yesterday of the HSBC Asian Insurance stacle in achieving their long-term wealth
Next Bike targets
Monitor, a survey recently conducted by goals. 120 Ducati bikes
HSBC Insurance (Asia-Pacific) Holdings » Only 2% get professional consultation for KUALA LUMPUR: Next Bike
Limited in Singapore, Malaysia, Taiwan, financial planning. Sdn Bhd, the sole importer and
Korea, India and China. distributor for Ducati motorbikes
Among the key findings for Malaysia Zainudin said the Malaysian consumer in Malaysia, expects to sell 120
are: has gone back to basics in their financial Ducati bikes this year from 85
» Over half of Malaysians are confident they planning. units sold last year.
will achieve long-term financial goals, which “Cash is king again and given the short- Its group executive chairman
is the second highest figure in Asia. term volatility of equities, they are either and chief executive officer, SM
» The two long-term wealth aspirations investing for the first time or increasing cur- Faisal Tan Sri SM Nasimuddin
respondents were most concerned with rent investment levels in long-term savings said the company was confident
financial security in retirement and child vehicles with protected sums at maturity of achieving the target despite
education funding. and health plans. the soft market as “demand was
» Close to 70% of income is being utilised for The survey also revealed that respond- always there for good products
living expenses and only a quarter of income ents spent only 6% of their income on insur- and services”.
is saved. Malaysians continue to be strong ance. There are now about 500
savers as they diversify holdings across a “In more developed countries, about a Ducati bikes on the road since
wide range of financial tools with 71% hold- fifth of income goes towards insurance, so Naza got its distributorship
ing property. there is a clear opportunity for Malaysians to rights in November 2000. – Ber-
» In the past year, a significant number of spend more in this area,” said Zainudin. nama