Bank Negara acquires land for RM2b to relocate education institutions

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KUALA LUMPUR (Jan 4): Bank Negara Malaysia (BNM) has acquired a piece of land from the government for about RM2 billion to be used primarily for the relocation of its Global Islamic Finance University and the International Shari’ah Research Academy for Islamic Finance.

Situated next to the central bank’s Sasana Kijang complex, the 55.8-acre land will also be used for the future development of education and training facilities that will focus on enhancing the technical capabilities of talents in the financial industry, BNM said in a statement.

“The entire combined area will be designated and integrated as a world-class education hub for financial services. The hub is envisioned to be a focal point for international learning and research that will nurture a sustainable pool of local talents to support the development of the domestic financial services industry,” the central bank said.

BNM said the land valuation was mutually agreed on between the bank and the government, based on a valuation process conducted by an appointed independent private sector valuer.

It said the acquisition cost is subject to a final survey of the area involved.