Another Question on Islamic Banking at 45th AGM of Public Bank

Attended Public Bank Berhad's AGM (its 45th) for the second time in as many years at the Shangri-la Hotel, KL.
( Read, last year/44th AGM 2010 AHM blog report:- Question/Comment on IBF at 44th PBB AGM )
Also read:- The EDGE, Malaysia & The STAR




Initially, attendees were briefed by Tan Sri Thong that the PBB Group were issued with a Joint Family Takaful licence by BNM with ownership in the ratio of 60% to the ING Group whilst PBB held the other 40%.

During Q&A Session, as per last year another question on Islamic banking were posed. Abdul Razak asked, " What is PBB Islamic banking Directions? Also for Takaful and Wealth Management? " ....... However, as per last year no specific answer were given.

Perhaps, PBB should get its act together and get one of the other Directors to respond. Twice in as many years, PBB FAILED to give a specific respond to the floor's question on Islamic Banking......rambling about and beating around the bush with no specifics does not do the PBB BOD justice especially when all other indicators are up.

Note: 1st time I went to an AGM where the attendees sang Happy Birthday and clapped in unison. At times, it reminds me of a Political Conference where the top echelons can do no wrong! Overall, Nice Door Gift and GOOD FOOD....perhaps this can be one of my wife's & I retirement plan i.e. buy syariah-compliant shares and attend AGMs where good food are served coupled with nice door gift!!!

Question/Comment on IBF at 44th Public Bank AGM!!!

I attended the 44th AGM of Public Bank Berhad(PBB) in KL.

A shareholder posed a question/passed a comment related to PBB's Islamic Banking & Finance(IBF) operations. The question/comment was along the lines of - "...Maybank had purchased a bank in Pakistan to further enhance their IBF operations, what have PBB done to "beef up" this particular area?..." The shareholder(who claimed he was from Ipoh,Perak) was the 1st shareholder invited from the floor to comment. He was also commenting on the flattish growth of PBB share prices compared to other Banks like CIMB, Maybank & Hong Leong and had even suggested that the Board talk to a few parties(e.g. Hong Leong & EON Capital) to merge their operations.






What for me is quite surprising was not that the question on IBF was posed at all BUT,the fact that:-
1) PBB is a predominantly Chinese-owned bank; and,
2) Shareholder who asked the question was a Chinese.

I supposed, when a system is considered "just & equitable"...people will take notice especially after the IBF system having escaped the 2008-2009 global financial turmoil relatively unscatched!