PT Bank CIMB Niaga (CIMB Niaga), majorly owned by the CIMB Group, is planning to launch a new Syariah product Commodity Murabahah deposit by end of 2011, Daily Express reports. The product will be offered under CIMB Niaga Syariah, the group’s Islamic banking sub-brand in Indonesia.
The launch is awaiting approval from relevant regulators in Indonesia. Initially, the product will be made available to institutional depositors predominantly in the inter-bank market and subsequently to broader retail depositors.
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