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Thursday, 4 September 2008

OCBC Malaysia expects 20 pct Islamic banking growth


KUALA LUMPUR, Sept 4 (Reuters) - OCBC Malaysia's Islamic banking business will grow by around 20 percent a year as it introduces more Sharia-compliant products and as more Malaysians switch from conventional banking, its chief executive said on Thursday.
The growth in Islamic financing will 'definitely be in the high teens or in the 20 percent level,' CEO Jeffrey Chew told Reuters in an interview. He added that about 60 to 70 percent of OCBC Malaysia's Islamic banking customers are non-Muslims.
Chew said the Malaysian unit of Singapore's Oversea-Chinese Banking Corp , which obtained a separate Islamic banking license in November last year, will open its first Islamic banking branch before the end of this year.
OCBC Malaysia, the second largest foreign bank in Malaysia after HSBC (nyse: HBC - news - people ) with about 4 percent share of conventional loans, currently offers Islamic banking services through separate windows at its bank branches.
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Alfalah Consulting-Kuala Lumpur: www.alfalahconsulting.com 
Islamic Consultant & Trainer: www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com 




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