Islamic finance becoming ‘mainstream’ in Malaysia – BNM’s Ibrahim
Governor says Islamic finance has gone from a handful of firms to a quarter of the market
Islamic finance was once a "novelty" but is now "mainstream" in Malaysia, Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim said today (August 15).
Speaking at the launch of a new sharia "educator's manual", Ibrahim said Islamic finance has grown to represent 27% of the total banking system, while 14.8% of the population has some form of takaful, or Islamic insurance.
The governor suggested part of Islamic finance's success in the country was due to the "pragmatic" approach of authorities
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