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| Islamic Finance Showing Evolution And Strong Growth, Says Zeti Akhtar |
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Islamic finance has continued to demonstrate its evolution and strong growth during the challenging international financial environment, Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz said.
"Islamic finance has now become a new vehicle contributing to increasing the financial linkages not only within Asia but also with the rest of the world, thereby facilitating cross-border allocation of capital globally," Zeti said.
"Indeed, a number of international financial centres have recognised Islamic finance as an integral part of their financial system in order to complete the suite of financial products and services being offered, and therefore are actively developing this segment," she said at the launch of HSBC Amanah Malaysia Bhd, the first Islamic Bank within the HSBC group here.
According to Zeti, the Islamic finance industry has not only continued to grow but it has also been able to present a higher level of dynamism.
The key indicators of the Islamic banking sector continued to record a progressive pace of development whereby the Islamic banking assets have expanded by 23 percent to RM234.9 billion compared with a year ago, she said.
The Islamic banking industry now accounted for 16.7 percent of total assets in the industry, she added.
Similar trends could be observed in the growth of deposits that have reached RM180.4 billion, up by 27.7 percent from a year ago, while total financing increased by 24.5 percent to RM143.4 billion, Zeti said.
"This growth has also accompanied by an increase in the number of full-fledged Islamic banking branches," she said |
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