Business

Monday June 25, 2012

Mega Islamic bank will set benchmark


IPOH: The setting up of mega Islamic banks in Malaysia will not merely serve the needs of the domestic economy but also position the country as the benchmark in Islamic global finance, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.

It would also place Malaysia far ahead of other competing countries, he said.

“Bank Negara has issued one licence. Why is there such a need… we need to see in the context of the country’s economy.

“Under the National Key Economic Areas, financial services are among the economic growth sectors and it is also an area where we are competing with other countries,” he told reporters after officiating the opening of Mydin’s 100th chain store and its 10th hypermarket at Gugusan Manjoi.

Bank Negara so far has not made any announcement on the licence’s receipient.

Last March, the central bank expected two entities, which were given temporary licences to set up mega Islamic banks, to make the announcements on their investment plans.

Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said the central bank had given them more time to announce their plans considering the current challenging environment and the high investment cost involved. — Bernama

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