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Saturday, 30 August 2008

Islamic banking expanding rapidly in Malaysia

Islamic banking continues to grow with total assets expanding by 12.6 percent to RM177 billion as at June 30 compared with RM157.2 billion as at end of last year, the Finance Ministry said.

Deposits increased by 17 percent to RM142.7 billion as at end of June, it said in the 2008/2009 Economic Report.

It said financing grew 8.5 percent to RM97.5 billion and accounted for 14.2 percent of total banking system loans.

Lending remained concentrated on the household sector, with loans amounting to RM58.5 billion or 60 percent of total outstanding loans.

On takaful industry, it said the industry grew strongly in the first six months of this year, with combined takaful contribution income increasing 23 percent to RM1.4 billion compared with RM1.1 billion in the same period last year.

In the family takaful sector, it said new business contributions recorded a stronger growth of 98.1 percent to RM1 billion, driven by the expansion in investment-linked products following new product launches in early 2008, and high growth in endowment products recorded by new takaful operators.

The ministry however said the general takaful net contributions declined 6.7 percent on account of the decrease in fire insurance by 34.2 percent to RM97.6 million and marine, aviation and transport insurance by 46 percent to RM13.8 million.

Takaful assets expanded 25.1 percent to RM9.6 billion as at June 30 and accounted for 6.9 percent of the total assets of the insurance industry.

(Source: NST)

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