Elaf Bank forms JV with Malaysian custodian 01 November 2011Labuan Reporter: Anna Reitman
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Elaf and Ohad Trust have formed a joint venture in Labuan under a regulator approved trustee license which allows the entity to work on trust, foundations, fund administration, registrar and custody assignments in Malaysia.
"As the first ever licensed trustee in the Middle East, Ohad Trust has been present in Bahrain since 2005. We are proud to expand our presence and business prospects into South East Asia by obtaining a license in Malaysia. There can be no doubt that Elaf Bank and Ohad Trust share common objectives and we are very happy to have joined forces through this strategic partnership in such an important market," said Mr. Stefan Cnoops, CEO of Ohad Trust.
He added, "We are confident Ohad Labuan, which is backed by a comprehensive regulatory framework and legal environment in Malaysia, will be able to capture significant trust related work, particularly in relation to Sukuk. We are equally confident that Ohad Labuan will become a leader, as it already is in Bahrain, in the administration and custody work of the increasingly important Labuan Islamic Investment Funds market."
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