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Wednesday, January 28, 2009

Shenyang Islamic development project plan on track

The proposed RM11 billion commercial and residential development in Shenyang, China, that will utilise Syariah-compliant financing from Malaysian banks is on track despite the current global economic downturn.

Islamic Banking and Finance Institute Malaysia (IBFIM) managing director and chief executive officer Datuk Dr Adnan Alias said the report on the feasibility study of the project is nearly completed.

"We will present the report to the Shenyang Governor next month when we meet in Singapore," he told Business Times when asked about the progress of the project.

IBFIM is the syariah adviser to the proposed development.
Themed "Modern Islamic Lifestyle", the proposed development is expected to commence by the end of this year and be completed within five years.

The project would take place in the Shenyang Finance and Trade Development Zone. It will be developed on a 17.96ha site in one of the most centralised Muslim community living areas in China.

A special purpose vehicle, known as Shenyang-Malaysia Development Sdn Bhd (ShenMas), was formed in November last year to undertake the conceptual planning, land acquisition, funding issues and feasibility studies.

A consortium of Malaysian builders, including Bina Puri Group, will be involved in the development of the project.

Shenyang is the capital city of Liaoning Province. The province is located south of northeast China, which has about 100,000 Muslims.

China, one of the world's fastest growing economies, plans to woo Islamic banking and finance institutions to the country by establishing an Islamic finance hub.

By Business Times (by Hamisah Hamid)

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