AxiomSL, Carlye Square Consultancy ally for risk and regulatory reporting services

AxiomSL, a provider of regulatory reporting and risk management solutions, has partnered with Carlyle Square Consultancy, a specialist in financial services. The partnership will enable clients in the region to address the changing regulatory requirements, using the latest data-driven technology.

Tariq Javed, Carlyle Square's founder, together with the AxiomSL team, will be providing regional expertise and consultancy in the areas of risk and regulatory reporting for financial institutions in KSA and GCC countries. As a team, they will build key relationships with firms in the region that require risk analytics, data management and regulatory reporting solutions.

Javed has 33 years' experience as a central banker and regulator at SAMA (Saudi Arabian Monetary Authority - the Saudi Central Bank) while AxiomSL has over 25 years' experience in intelligent data management, delivering solutions and services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions, and tax analytics globally. At SAMA, Javed participated in the development of national policies and reforms of the financial and banking sectors, in addition to the development and implementation of financial laws and regulations including Basel I to Basel III in the region.

David Attenborough, EMEA Head of Client Relationships, AxiomSL, stated: "It is a pleasure working with Mr Tariq Javed whose knowledge of the financial sector in the region, and the regulatory requirements are profound. He is well respected in the banking sector especially for his understanding of the intricacies of the regulatory requirements. He has overseen the implementation of Basel I, II and III standards, corporate governance, and risk management systems in the KSA banking system.

"Our collaboration with Carlyle Square Consulting will enable financial firms to manage risk with a transparent data-driven approach, while delivering the clarity and insights in the calculations and the controls needed to successfully address Basel-driven requirements. With (the) ControllerView Data Integrity and Control platform, banking clients will not only improve their risk management and compliance operations but will gain the confidence in the accuracy of their data."

Javed stated: "I am delighted to work with AxiomSL, which has a unique data management platform with a dynamic data lineage and drill down feature – this type of technology is what financial firms from this region could benefit from when considering IFRS 9 and upcoming Basel IV regulations. We will work together to help the banks deal with the future complexity of regulatory requirements and technology advancements in the region."

IFSB, AMF, renew collaboration to support Islamic finance

The Islamic Financial Services Board (IFSB) and the Arab Monetary Fund (AMF) will continue a  collaboration for another three years, reflecting the commitment of both institutions to increasing awareness of the sound practices of Islamic finance. This move is in line with the IFSB’s mandate to promote the stability and resilience of the Islamic financial services industry.

Under the memorandum of understanding (MoU) signed by Dr Bello Lawal Danbatta, Secretary-General of the IFSB and the HE Dr Abdulrahman A. Al Hamidy, Director General/Chairman of the Board, Arab Monetary Fund on 23 April 2020, the institutions will continue cooperation and collaboration in promoting programmes and initiatives for the Islamic financial services industry, specifically in the Arab region.

Key areas of cooperation include:

- Providing expertise for joint technical assistance missions to member countries to facilitate the development of Islamic finance and strengthen the capacity of regulatory and supervisory institutions to better supervise institutions offering Islamic financial services 

- Enhancing outreach to member countries for awareness building through joint organisation and hosting of international conferences and seminars on areas of mutual interest; and

- Conducting joint research and undertaking coordinated policy dialogues to support guidance on the stability, resilience and macroprudential supervision of Islamic finance sector and enhance financial inclusion in member countries.

The first MoU, which covered 2016-2019, successfully synergised the development of Islamic finance in common member countries.

TrueMoney now offers 13,500 service points in Indonesia

PT Witami Tunai Mandiri, the Indonesian operations of Southeast Asian fintech firm TrueMoney, has reached the milestone of 13,500 Indonesia customer service points.

Through these agent-managed service points TrueMoney provides a suite of e-money solutions, including depositing and withdrawing cash, paying for online purchases, and domestic fund transfers, which are fully compliant with Indonesian central bank regulations.

Alfamart, one of Indonesia’s largest convenience store operators, is TrueMoney’s latest partner, bringing its 13,168 outlets onto TrueMoney’s agent network. With TrueMoney’s suite of e-money solutions, Alfamart’s customers – many of which have no bank account or credit/debit card – can use digital financial services – pay, purchase, and transfer – that they may otherwise have no access to.

With this development TrueMoney has become one of the largest non-bank e-money providers in Indonesia, and the first non-bank fintech firm to hold a remittance license as well as a shari'ah-compliant e-money license, critical for reaching a large percentage of Indonesian consumers.

Nussy Aryanto, President of TrueMoney Indonesia said, “Far too many of Indonesia’s people have no, or very limited access to financial services. By being mobile first and working with a number of partners such as Alfamart, we are able to offer access, convenience and completely new financial products to this large population. Our mission is to bring basic financial services to every single Indonesian.”

According to the International Finance Corporation about 20%-25% of Indonesia’s 255 million population has a bank account, but there are around 325 million mobile subscriptions. With 85% of the population owning a mobile phone, about half of which are smartphones, digital mobile services delivered have the potential of reaching more people.

Hans Prawira, President of Alfamart said, “We have millions of customers across Indonesia, especially outside of major cities.We are always trying to serve their needs, and our partnership with TrueMoney will bring a whole new set of products and services that will improve our customers’ lives. It will now be much easier and cheaper for them to send and receive funds from relatives, using cash at our outlets; their lives will be changed.”

TrueMoney provides a number of e-payment services across Southeast Asia, including TrueMoney Wallet, WeCard (with MasterCard), TrueMoney Cash Card, kiosks, payment gateways, and remittances. It also provides cash-in and cash-out services, which are available at any of TrueMoney’s 13,500 agent locations in 10 provinces.

TrueMoney Indonesia has also introduced TrueMoney Remittance with Alphamart as the service provider. TrueMoney Remittance is a cash-to-cash service which allows customers to send and withdraw cash from any of Alphamart’s 13,168 stores.

TrueMoney launched its operations in Indonesia in June 2016. The partnership with Alfamart follows a number of significant partnerships across Indonesia, including with Samsung. TrueMoney is a subsidiary of Thailand-based Ascend Money, one of the largest fintech companies in Southeast Asia with over 20 million customers. Ascend Money is backed by Thailand’s CP Group and recently secured a 20% investment by ANT Financial Services Group, operator of China’s Alipay e-wallet.

Lancer Skincare expand to Middle East with Apotheca Beauty

Lancer Skincare and Apotheca Beauty have partnered to bring Lancer Skincare products to the Middle East. According to Lancer Skincare, the growing Middle East luxury skincare market is driven by consumers with a high disposable income and a rising number of both brick and mortar and digital sales channels.

A specialist and privately-held distributor in the Middle East, Apotheca Beauty cherry-picks luxury brands from across the globe that excel on premium ingredients and beautiful packaging. With head offices in both Dubai, UAE and Kuwait, Apotheca Beauty has a network of retailers throughout UAE, Kuwait, Qatar, Bahrain, KSA, Morocco and Jordan.

Tracey Sameyah, CEO of Lancer Skincare says, "We've always had an international clientele at the practice and the demand for Lancer Skincare's entry into the Middle Eastern market has grown significantly over the last 24 months. Our partnership with Apotheca Beauty has given us the opportunity to reach new audiences and we're excited to continue to grow our footprint in the market."

Nora Al-Ramadhan, Co-Founder and CEO of Apotheca Beauty says, "Having been a patient of Dr Lancer myself during my time in Los Angeles, I know firsthand how impactful his products are and the results his patients can see on their skin. Apotheca is incredibly excited to help grow the doctor's international presence, and finally make accessible his method to the Middle Eastern customer."

The three-step Lancer method involves:

1. Polishing the skin to remove surface debris and infusing it with oxygen

2. Cleansing to remove daily impurities and rebalancing the skin's pH level

3. Nourishing the skin to boost oxygen levels and cell functions. At the end of the process Lancer says skin has a "visibly renewed, youthful glow".

Dr Lancer practises in Beverly Hills in the US. He has an active global patient base of over 30,000 people, including celebrities.

Millennium Hotels and Resorts MEA takes over two hotels close to Masjid Al Haram

Millennium Hotels and Resorts, Middle East and Africa (MEA) is continuing with its successful expansion strategy across KSA with the takeover of two landmark hotels in Makkah. The move solidifies the group’s position as one of the fastest growing operators in the kingdom, ensuring it comfortably meets its target to open over 20 hotels in Saudi Arabia within the next four years.

Source: Millennium Hotels and Resorts MEA. The Makkah Millennium Hotel and Towers.

Following the signing of a management agreement with Makkah Construction & Development Company, the Group will operate Makkah Millennium Hotel and Makkah Millennium Towers under the global flagship of Millennium Hotels and Resorts, Middle East and Africa. The agreement comes into effect by 1 September 2017. 

As the nearest hotels to Al Masjid Al Haram, with direct access to the Ka'abah, the properties occupy a premium location in Makkah and are an ideal base for pilgrims. With iconic architecture and traditionally-inspired Arabian décor combined, both hotels create a contemporary celebration of Arabic hospitality, and will offer world-class amenities, including a range of restaurants, meeting spaces, prayer halls and fitness facilities.

The 614-key Makkah Millennium Hotel is scheduled to go under extensive renovation with the aim of conversion into a luxury property that is part of The Biltmore Collection. Meanwhile, the 802-key Makkah Millennium Towers, adjacent to the Makkah Millennium Hotel will deliver the high service standards expected from the Millennium Collection. 

Ali Hamad Lakhraim Alzaabi, President and CEO, Millennium Hotels and Resorts MEA stated; “We are honoured to enter into an agreement with Makkah Construction & Development Company, one of the Kingdom’s most renowned real estate developers to operate these landmark hotels. Religious tourism is expected to rise even further in the Holy City, and with significant government investment into infrastructure there are plenty of opportunities to support this development by offering an array of excellent accommodation options for visitors.

"Our group possesses the resources and knowledge to operate these prestigious properties, ensuring we consistently deliver the highest standards thanks to our global expertise combined with a deep understanding of the region. We look forward to beginning this long term and fruitful relationship with Makkah Construction & Development Company.”

HE Sheikh Abdul Rahman A. Fakieh, Chairman of Makkah Construction and Development Company noted; “We are delighted to enter into this partnership and look forward to working closely with global hospitality leader Millennium Hotels & Resorts. We are confident that they will deliver exceptional operational and service standards and their considerable expertise will enable these unique properties to achieve their full potential, ensuring a mutually beneficial collaboration for many years to come.”

Millennium Hotels & Resorts currently operates five properties in KSA, with an additional 21 upcoming properties in the pipeline. The Group’s next openings for the country include Millennium Madina Airport, Millennium Makkah Al Naseem and Copthorne Makkah Al Naseem. 

Oman Air announces codeshares with Royal Jordanian, Malaysia Airlines

Source: Oman Air. Plane in Oman Air livery.

Oman Air, the national flag carrier of Oman, has announced a codeshare agreement with Royal Jordanian on flights between Muscat.,Oman and Beirut, Lebanon via Amman, Jordan and vice versa. Under the terms of the agreement, which became effective from June 15, the flights are operated by Royal Jordanian and marketed by both carriers.

Oman Air already has a strong partnership with Royal Jordanian built upon a shared commitment to providing excellent services to guests. This new agreement will further enhance this relationship and offer guests even more options when it comes to destinations and flight times.

Oman Air and Malaysia Airlines have also entered into a codeshare partnership. The agreement will pave the way for closer cooperation between the two airlines on other joint initiatives, including collaboration on frequent flyer programmes, ground handling, customer support, cargo and airport lounge access.

Oman Air passengers who currently enjoy direct flights to Kuala Lumpur, Malaysia will now be connected to more destinations in Malaysia, China and Australia. Malaysia Airlines passengers will also enjoy nonstop, direct flights from Kuala Lumpur to Muscat. New destinations now open for Oman Air guests are Singapore, Hanoi in Vietnam, Hong Kong, Darwin and Melbourne in Australia, Auckland in New Zealand, Phuket in Thailand, as well as the Malaysian destinations Langkawi, Penang, Kota Bharu, Johor Bharu, Kuantan and Miri. Additionally, the existing destinations of Oman Air, namely Jakarta, Indonesia and Guangzhou, China will also be connected through this codeshare.

Oman Air’s Deputy CEO & Chief Commercial Officer Abdulrahman Al Busaidy said, “Apart from Oman Air guests benefiting from the added destinations through this codeshare, it will also present them the opportunity to experience the exemplary services of Malaysia Airlines. We are equally sure this opportunity will be welcomed by the discerning guests of Malaysian Airlines; encouraging them to experience the unparalleled services of Oman Air and visit Oman and other unique destinations in Oman Air’s network.”

Oman Air offers 14 weekly flights between Muscat and Kuala Lumpur, operating on the airline’s Airbus A330-200 aircraft.

Oman Air, based at Muscat International Airport. is currently engaged in an expansion programme which will see the carrier operate 70 aircraft to around 75 destinations by 2023. On the other hand, Royal Jordanian has a vision to be the Airline of choice connecting Jordan and the Levant with the world. It reaches 56 direct destinations on four continents on its 27 young aircraft operated from Queen Alia International Airport.

China Huiyuan Juice Group, Yeo Hiap Seng to launch halal beverages

The China Huiyuan Juice Group will launch a new juice brand, YAMI to Malaysia in conjunction with Yeo Hiap Seng (Yeo's), a well-known food and beverage company in Malaysia. It will be the Huiyuan Juice Group's first fruit juice beverage product in Malaysia.

Source: Huiyuan Juice. The first product, YAMI juices.

In March 2016, Huiyuan and Yeo's, agreed to establish a joint venture to build up a long-term strategic advantage in the international market. The joint venture, established January 2017, will take advantage of Malaysia's stable political and economic environment and enable Huiyuan to expand its business to other ASEAN countries with preferential terms on tariffs and trade while perfecting alignment with local halal product regulations. The joint venture will focus first on Singapore and Malaysia, and then expand to countries like Cambodia and Myanmar thereafter.

Huiyuan is also planning to import products that suit the Chinese market and consumers into China by taking advantage of resources from the joint venture and selling them through related channels.

By focusing on Malaysia and Singapore in its first phase of development, the joint venture established by Huiyuan and Yeo Hiap Seng will launch juice products under the joint venture brand YAMI. YAMI beverages are designed to appeal to the tastes and preferences of Southeast Asian consumers and will be sold through local sales channels related to Yeo Hiap Seng.

Huiyuan and Yeo Hiap Seng will launch their first YAMI beverage product in May. With juice content of up to 10%, the beverages will feature apple, pear, orange and white grape flavours, and will be available in 250ml tetrapaks as well as 350ml bottles. This launch will be closely followed by another functional juice beverage with the addition of iron, calcium, dietary fibre and collagen and other nutrients, which will be available in four flavours - orange, red grape, mango and grapefruit.

Cooperation between the Philippines and Brunei for the halal industry on the cards

The Secretaries of the Department of Trade and Industry (DTI) of the Philippines and the Mindanao Development Authority (MinDA) have held bilateral meetings with Bruneian government ministers on the sidelines of the state visit of Philippine President Rodrigo Roa Duterte to Brunei Darussalam from October 16 to 18.

MinDA Secretary Datu Abul Khayr Alonto met with Pehin Orang Kaya Pekerma Dewa Dato Seri Setia Lim Jock Seng (Pehin Lim), Minister at the Prime Minister’s Office (PMO) and Minister of Foreign Affairs and Trade II on October 16. Topics discussed by the two officials included cooperation in the halal industry.

Source: Department of Foreign Affairs, Philippines.

On October 17, DTI Secretary Ramon Lopez met with Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong (Pehin Abu Bakar), Minister of Home Affairs and Chairperson of the Brunei Investment Agency (BIA). Cooperation between the Philippines and Brunei in the halal industry was discussed.

ICD and Saturna partner on sustainable Islamic investing

The Islamic Corporation for the Development of the Private Sector (ICD) and Saturna in Malaysia, a wholly-owned subsidiary of US-based Saturna Capital Corporation, have signed an agreement to cooperate on offering sustainable Islamic investment vehicles to investors.

In choosing Saturna as its partner, ICD will be tapping the firm’s 25 years of expertise in global values-based investing and its experience in managing the US-based Amana Funds, the world’s largest Islamic equity funds open to the public, as well as Saturna Sustainable Funds. Saturna Capital is adviser to the Amana Mutual Funds (Amana Growth Fund, Amana Income Fund, and Amana Developing World Fund) that follow principles of Islamic finance. Saturna Capital is also adviser to the Saturna Investment Trust, consisting of Sextant International, Sextant Growth, Sextant Core, Sextant Bond Income, Sextant Short-Term Bond, Sextant Global High Income, and the Idaho Tax-Exempt Fund. Both sets of funds have been recognised by rating agencies for having portfolios with highest scores on sustainability. 

"ICD recognises the growing demand for responsible investment vehicles and believes that such strategies will greatly benefit economies as well as investors and societies,” said Khaled Al Aboodi, the CEO of ICD. 

“Islamic investing has long been an integral part of socially-responsible investing,” said Monem Salam, President of Saturna in Malaysia. "Saturna is very proud to be ICD’s partner in expanding Islamic investment choices that put even more emphasis on responsible finance. We believe that investing in sustainable and well-run companies could offer both growth and lower risk.” 

ICD's mandate is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with shari'ah principles.

Interested?

Read the Suroor Asia blog post about Saturna's expertise

Mastercard partners Muslim lifestyle marketplace Zilzar

MasterCard has partnered with Zilzar.com, billed as the world’s first global Muslim lifestyle marketplace platform. Zilzar.com provides information and content for users, sellers, buyers, and halal certification bodies, engaging them across sectors of Islamic finance, food, travel, logistics, cosmetics and fashion, among others.

Source: Zilzar website.

The launch of Zilzar.com was officiated by the Prime Minister of Malaysia, Dato’ Sri Mohd Najib Tun Abdul Razak at the 10th World Islamic Economic Forum in Dubai in late October. 

“The Muslim lifestyle market has shown tremendous growth and has huge potential. MasterCard is delighted to be able to partner with Zilzar to deliver seamless payment services for this impressive best-of-breed platform that has been specifically designed to cater to the needs of this dynamic US$2.5 trillion segment. This collaboration truly is an important one for us as it underscores our commitment to ensure payments are safe, smart and secured at all times,” said Safdar Khan, Group Country Manager, Indonesia, Malaysia and Brunei, and Group Head, Islamic Payments, Southeast Asia, MasterCard.

“Zilzar will meet the needs of all parties by providing a more centralised and accessible online hub, a one-stop shop where products can be marketed globally, safely and ethically. The world is looking for the next BRICS story, growth market with growth demographics, and Zilzar is the e-vehicle for the halal super-highway for empowering micro-SMEs, SMEs, and export ready SMEs into these new markets for growth,” said Rushdi Siddiqui, Chief Executive Officer of Zilzar.

Zilzar’s technology platform has been built using the most contemporary technology and usability standards like flat design and responsive layouts. Much like leading social networks, the buyers and sellers can follow each other and never miss a deal, making it the world’s first trading social network. The collaboration will see MasterCard offering its expertise in payment technology to support Zilzar.com’s infrastructure and provide a safe, secure and scalable payments capability which can grow with the marketplace as consumer and business needs for halal trade and commercial information evolve. 

Equipped with the latest security tools, the payments infrastructure set up for Zilzar.com is designed to enable merchants and consumers to perform secure transactions with ease and convenience. It will also provide sellers with free digital store-fronts, basically an e-souq. 

AmBank Group and MetLife partner for better life assurance and family takaful offerings in Malaysia

AMMB Holdings’ (AmBank Group's) wholly-owned subsidiary, AMAB Holdings, and MetLife’s subsidiary, MetLife International Holdings (MetLife), have completed the signing of a stock purchase agreement aimed at capturing an increasing market demand for life assurance and family takaful in Malaysia. 

This signing was witnessed by YAB Datuk Seri Najib Tun Razak, Prime Minister of Malaysia and President of the United States of America (US), Barack Obama.
 
The signing of the stock purchase agreement will see MetLife own 50% plus one share in AmLife Insurance (AmLife), with the remaining shares to be owned by AmBank Group. AmBank Group also owns 50% plus one share in AmFamily Takaful (AmTakaful) with the remaining shares to be owned by MetLife. The total consideration payable by MetLife is RM812mil (US$249 million) upon completion, subject to customary adjustments.

This new partnership is an example of the mutual benefit that comes from increasing business collaboration between Malaysia and the US, which President Barack Obama and Prime Minister Datuk Seri Najib Tun Razak have pledged to continue to support and encourage.

“We are indeed very privileged to have the presence of the President of the United States and the Prime Minister of Malaysia to witness this momentous signing ceremony between two very strong conglomerates, one a Malaysian and the other, from the United States. This partnership between AmBank Group and MetLife ultimately aims to enhance our value proposition to customers by meeting their evolving needs with relevant and innovative solutions, and thereby expand our market share,” said Tan Sri Azman Hashim, Chairman of AmBank Group and AmLife Insurance.

With operations in nearly 50 countries, MetLife brings its financial strength, global reach, expertise and customer centric approach endeavoring to improve the breadth of choice and experience of Malaysian consumers while leveraging AmBank Group’s domestic insights and abilities.
 
Christopher Townsend, President MetLife, Asia, said: “This partnership further advances MetLife’s strategy of expansion in high growth markets, and develops our presence in the attractive markets of South East Asia. We feel honoured that President Obama and YAB Datuk Seri Najib Tun Razak, Prime Minister of Malaysia witnessed this proud moment in our respective company’s histories, and we are very excited and eager to start this long-term partnership with a well-established and respected institution such as AmBank Group”.

As part of the deal, MetLife will provide significant management resources and attention to the new joint venture entities and at the same time AmLife and AmTakaful will respectively enter into exclusive 20-year bancassurance and bancatakaful agreements to provide innovative and customer centric financial planning and protection products through AmBank Group's banking network across Malaysia.

Ashok Ramamurthy, Group Managing Director, AmBank Group, said, “This partnership reaffirms the Group’s commitment and focus in delivering on our strategic agenda. We are convinced that MetLife will be an excellent strategic partner for the Group as we progress towards our vision – as Malaysia’s preferred diversified, internationally connected financial solutions group - we take pride in growing your future with us.”

The deal is expected to close by the end of the month, upon which a phased and collaborative integration process will be conducted.

Established in August 1975, AmBank Group is one of the largest banking groups in Malaysia by market capitalisation and comprises AMMB Holdings (a public listed company on the Main Market of Bursa Malaysia Securities), and its major subsidiaries – AmBank, AmIslamic Bank, AmInvestment Bank, AmInvestment Group, AmGeneral Insurance, AmLife Insurance and AmFamily Takaful.

The Group provides a wide range of both conventional and Islamic financing and related financial services, including retail banking, wholesale banking as well as underwriting of general insurance, life assurance and family takaful.