PETALING JAYA: Standard Chartered Saadiq Bhd and CIMB Islamic Bank Bhd have successfully completed a RM100mil floating-rate transaction under the Commodity Murabahah Programme.

Completed on Oct 27, 2026, the deal is structured under Tawarruq and references the Malaysia Overnight Islamic Rate (MYOR-i).  

In a release, Standard Chartered noted the transaction marks a major milestone in implementing the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) Practice Note on Terms and Conditions for Commodity Murabahah via Tawarruq Interbank Deposit. 

By standardising terms and contract execution, the initiative supports market readiness, liquidity, and consistency as Malaysia’s Islamic financial sector transitions toward MYOR-i.   

Bilal Parvaiz, CEO of Standard Chartered Saadiq, highlighted that the transaction demonstrates how the new benchmark can be applied to live interbank transactions while advancing Malaysia’s leadership in Islamic finance.  Ahmad Shahriman Mohd Shariff, CEO of CIMB Islamic, noted that the practical application of MYOR-i reinforces market practices and contributes to a more progressive Islamic financial landscape.   

This landmark transaction forms part of a broader series of MYOR and MYOR-i collaborations between Standard Chartered and CIMB Group

throughout 2026.  Earlier transactions include a RM960mil Islamic repo (Collateralised Commodity Murabahah) in June, alongside MYOR-referenced conventional transactions in July—comprising a RM1bil conventional repo and a RM300mil money-market deal.

Both banks have an established history of joint innovation, including a RM1bil sustainable collateralised Commodity Murabahah deal in 2022.  Both institutions serve as founding members of the Malaysia International Islamic Financial Centre (MIFC) Business Network to drive the nation’s positioning as a global Islamic finance hub.