The issuance of two mega Islamic banking licences with US$1 billion (RM3.1 bln) capital to be announced in June is expected to boost the Malaysian Islamic finance industry.
Bank Negara Malaysia's deputy governor Datuk Mohd Razif Abd Kadir in disclosing this at the Malaysia International Islamic Financial Centre (MIFC) roadshow here yesterday called it a liberalising move for the
sector.
sector.
Razif said new players could bring better value products while creating competition among local players.
"Even though capital is important, a business plan is also very important. For example, what kind of value can
you bring to the Malaysian economy? We bring in new players so that there will be competition and a wider range of Islamic products can be offered," he said.
you bring to the Malaysian economy? We bring in new players so that there will be competition and a wider range of Islamic products can be offered," he said.
Besides the two mega Islamic banking licences, Razif said the central bank would also issue two more takaful licences and five conventional banking licences, by June.
He said Bank Negara had received a number of applications for the licences from international financial institutions and banks from Europe and the Middle East.
Asked when the new mega Islamic banks would start operating, Razif said the central bank would give a reasonable time for the parties concerned to commence business.
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