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Saturday, 12 June 2010

Banking licences to boost Malaysian Islamic finance

Bank Negara Malaysia’s deputy governor Datuk Mohd Razif Abd Kadir told reporters that the issuance of two Islamic banking licences with US$1 billion capital, later this year, will significantly boost the country’s position as a hub for Islamic finance.
“This is a major liberalisation and a real breakthrough in line with the government’s move to further liberalise some of the strategic sectors,” he said.
As well as the Islamic banking licences, Razif said the central bank would also issue two more takaful licences and five conventional banking licences.

 He added that Bank Negara Malaysia had received applications from international financial institutions and banks from Europe as well as the Middle East.



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