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business
Ringgit’s fall in line
with global trend: Zeti
KUALA LUMPUR: The ringgit’s fall to
an almost three-year low on Monday is in
line with the global trend that reflects the
strength of the dollar, Bank Negara Malaysia
Governor Tan Sri Dr Zeti Akhtar Aziz said
yesterday.
“It (the fall in ringgit) is not unique to
Malaysia. It is happening to other currencies
as well,” she told reporters after officially
launching Public Islamic Bank here.
“It is a global trend and reflects the strength
of the dollar following the deleveraging that
is taking place and remitting of funds to the
Public Islamic Bank expects
growth despite turmoil
KUALA LUMPUR: Public Islamic Bank, the newly-
launched Islamic banking arm of Public Bank Bhd
(PBB), is expected to continue growing despite
the international financial turmoil.
PBB chairman Tan Sri Teh Hong Piow said the
new unit would continue to focus on its niche
markets – consumer and retail financing, small
medium and enterprises financing and deposit-
taking business.
“It will also develop a wider range of financing
and innovative deposit products and services that
comply with syariah principles,” he said at the
launch of Public Islamic Bank here yesterday.
GCH to invest RM400m in
Malacca’s Arab City
MALACCA: Golden Corporate Heritage Sdn
Bhd (GCH), will invest RM400 million to develop
an integrated commercial project in Malacca
featuring an Arab architecture concept, said
Chief Minister Datuk Seri Mohd Ali Rustam.
The project, Arab City, will be the first of its
kind in the world. It will have three major locations
– Pulau Melaka, Klebang and Sungai Melaka.
Its development includes shopping bazaars,
Arabic themed restaurants and cafes, Arabic
health and beauty spas and an Arab village.
The project will be on a 90:10 joint venture
basis with the state government through the
Chief Minister Incorporated (CMI) of Malacca.
CMI will own the land. – Bernama
Bina Puri gets RM693mil
Brunei contract
KUALA LUMPUR: Bina Puri Holdings Bhd’s
current book order has increased to RM2.7
billion following its acceptance of a RM693
million contract to build 2,000 houses in
theSun | WEDNESDAY MARCH 4 2009
dollar,” she said.
Zeti said what is important is for the mar-
ket to remain orderly.
At 9am yesterday morning, the ringgit
traded at 3.7270/7310 from Monday’s closing
of 3.7260/7300.
The ringgit seems on a downward trend
towards RM3.80 to the dollar, the peg-level
imposed on Sept 1, 1998.
The peg was scrapped on July 21, 2005 and
the local unit has since been operating on a
managed float against a basket of currencies.
– Bernama
Zeti signing the
commemorative
plaque,
witnessed by
Teh (2nd from
left) and Public
Bank managing
director Tan Sri
Tay Ah Lek.
Also present were Bank Negara Malaysia gov-
ernor Tan Sri Dr Zeti Akhtar Aziz and Public Islamic
Bank chief executive officer Ismail Ibrahim.
Teh said Public Islamic Bank has assets worth
RM16.5 billion, which represented 8.4% of the
total assets of the PBB group.
He said the new entity recorded a com-
pounded annual growth rate of about 20% in the
last five years.
“The bank’s Islamic financing of RM12.4 billion
comprises 10.3% of the total loans of the group
while its deposits stood at RM13.8 billion as at
end-2008,” he said. – Bernama
Brunei. In a filing with Bursa Malaysia, it said
the B$288.737 million (RM681.42 million)
contract was awarded by Brunei Economic
Development Board and the houses were
for the National Housing Scheme of Brunei.
– Bernama
Rehda lauds property
stimulus initiative
KUALA LUMPUR: The Real Estate and Hous-
ing Developers’ Association Malaysia (Rehda)
welcomes the announcement by the Housing
and Local Government Ministry on stimulating
the property market.
“The ministry’s decision to get the banks to
reschedule payments and reduce interest rates
will make housing loans more affordable and
avoid the occurrence of non-performing loans
in the housing and construction sectors,” said
Rehda president Datuk Ng Seing Liong.
Ng added the move would create greater
financing for the housing sector while the
reduced rates would also attract potential
buyers who have been adopting a wait-and-see
attitude. – Bernama