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Friday, 20 July 2007

Mega Islamic Banks Needed To Boost Islamic Banking


The conversion of one of the local mega traditional banks into an Islamic bank will boost the country's Islamic banking and finance industry, says a foreign Islamic banking official. Kuwait Finance House (Malaysia) Bhd managing director K. Salman Younis said there is a need to create a mega Islamic bank to cater to local and regional growing demand."The size is important for success," he told reporters at the sidelines of the 11th Malaysian Banking Summit 2007 here Friday.Younis said the Islamic finance industry was currently fragmented and allowing more players into the market would only make the industry more fragmented.There are a lot of small players but what the industry needs is the size, he said.An increase in the minimum level of shareholders funds in the local banks would also encourage small banks to look at merger possibilities. - (Bernama, 20 Jul 07)

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