KUALA LUMPUR, FRI-29/08/08:
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.
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.
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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