Bright future for Islamic banks in Malaysia

Islamic banks in Malaysia enjoy a bright future as they are able to compete and have the resilience to survive in the country's open and competitive economy, the Dewan Rakyat was told today.

Deputy Minister of Finance Datuk Dr Awang Adek Hussin said 21 Islamic banks are operating in Malaysia, with RM351 billion in combined total assets.

"There are 11 domestic Islamic banks; six foreign Islamic banks; and four international Islamic banks, reflecting bright prospects to plans to transform Malaysia into a premier international Islamic financial centre," he said when replying to a question from Siti Zailah Mohd Yusoff (PAS-Rantau Panjang).

Siti Zailah sought explanation on the implications to Islamic banks in the country following impending restructuring of the banks.

Awang Adek said the government has still no definite plans to carry out a restructuring exercise for banks, including for Islamic banks, except if the banks themselves conducted such an exercise. -- Bernama