Rare Investments

KUALA LUMPUR, May 28 ― Malaysia plans to implement government-to-government (G2G) facilitation leveraging on Islamic trade finance for economic cooperation among the Organisation of Islamic Cooperation (OIC) countries.

Prime Minister Datuk Seri Anwar Ibrahim said this initiative will help turbo-charge the growth of the Islamic economy.

“Considering that the global size of the Islamic trade finance today represents only less than five per cent of the approximate total trade finance activities by OIC member countries, I call on OIC leaders to ‘up the ante’ and facilitate cross-border access to beef up innovation, trade and investments,” he said when launching the Global Forum on Islamic Economics and Finance here today.

Also present were Finance Minister II Datuk Seri Amir Hamzah Azizan, Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour, Securities Commission Malaysia executive chairman Datuk Seri Dr Awang Adek Hussin and Malaysia International Islamic Financial Centre (MIFC) chairman Tan Sri Azman Mokhtar.

Anwar, who is also finance minister, said Malaysia will also spearhead the development of a global programme for Islamic economist in collaboration with its implementation partners.

Prime minister said the programme aims to cultivate a cadre of dynamic and highly skilled economists equipped with the right knowledge and expertise in Islamic economics to ideate solutions that address contemporary global challenges.

KUALA LUMPUR (May 13): Rakuten Trade said REDtone Digital Bhd (KL:REDTONE) may trend higher after breaking out from its downward channel pattern a few sessions ago.

In a technical view note on Monday, the research house said that in view of the stock pulling further away from all the exponential moving averages (EMAs) coupled with the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the near-term positive momentum.

“We expect the rising momentum to steer the stock higher and test the next level of resistance of RM1.10 (R1), followed by RM1.15 (R2).

“On the downside, stop-loss is set at 89 sen, below April 30’s low,” it said.