http://www.blackenterprise.com/yb/ybopen.asp?section=ybaa&story_id=118514385&ID=blackenterprise
2008-06-23

Dosn’t credit charge interest???  Funny how the Islamic Banking ideas are really just a front to promote Shariah Law
New Straits Times
By Francis Fernandez

EON Capital Bhd (EONCAP) plans to sell a strategic stake this year in its Islamic banking unit to a foreign party, DBS Vickers said in a report, citing the dominant foreign stakeholder in the bank.

The bank is some 20 per cent-owned by Primus Pacific Partners Ltd, Asia’s biggest private equity fund.

Primus bought into EONCAP this year, from DRB-HICOM Bhd, for RM1.34 billion, valuing the shares at RM9.95 a share.

A possible stake sale in EONCAP’s Islamic arm comes at a time when there appears to be heightened interest from Middle East investors, flush with petrol dollars, to acquire some of the financial assets on sale here.

It was reported over the past week that BIMB Holdings Bhd might sell a stake in Syarikat Takaful Malaysia Bhd to an Arab party, while the Employees Provident Fund might work with an Arab investment group to completely own Malaysia Building Society Bhd.

EONCAP Islamic Bank Bhd started operating two years ago and has five dedicated branches to promote its syariah-compliant services.

It has an authorised and paid-up capital of RM1 billion and RM398 million respectively. Merrill Lynch expects EONCAP Islamic Bank’s income to top RM200 million this year.

“Through Primus, we note EON Capital intends to sell a stake in its Islamic bank to a strategic Middle Eastern partner in the second half of the year,” Sue Lin Lim, the analyst with DBS wrote in a report, hinting that Primus stakeholders could play a role in the sale.
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