Photo by YAZIT RAZALI

KUALA LUMPUR: Bank Negara Malaysia has acquired a piece of land, located contiguous to the bank’s Sasana Kijang complex, for RM2 billion to develop a financial education hub.

The land with a total area of 55.79 acres is also located near the new Asia School of Business complex and the financial industry’s Financial Industry Training Centre presently under construction.

In a statement, Bank Negara said the entire combined area will be designated and integrated as a world-class Education Hub for Financial Services.

“The land will be utilised for the relocation of the Global Islamic Finance University (INCEIF) and the International Shari’ah Research Academy for Islamic Finance (ISRA).

“The land will also be used for future development of education and training facilities that will focus on enhancing the technical capabilities of the talents in the financial industry,” it said.

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, Bank Negara added.

Bank Negara said the acquisition cost of the land is about RM2 billion subject to a final survey of the area involved.

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.

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