Islamic Banking To Achieve 40% Market Share In Assets

KUALA LUMPUR: Bank Negara Malaysia’s (BNM) target for the local Islamic banking industry to have 40% market share in terms of total banking assets by 2020, is likely to be achieved.

Datuk Abdul Halim Ismail, the former managing director of Bank Islam Malaysia Bhd and chairman of the board of Syarikat Takaful Malaysia Bhd, said the local industry was well-placed with strong demand and dynamic growth momentum for the past few years.

He said the encouraging response from the global non-Muslim community for the Islamic finance products would also support the growth going forward.

“Islamic banking is widely accepted here, including by the non-Muslims.

“Currently, big non-Muslim cities like London, New York, Singapore and Seoul are trying to become Islamic finance centres,” he told reporters on the sidelines of the Global Islamic Finance Forum (GIFF) 2014 on Thursday.

Abdul Halim, who has over 30 years’ experience in the Islamic banking industry, said he was proud of Malaysia’s achievement in developing the industry to become one of the major Islamic banking players in the world.

Abdul Halim, who is also an expert in syariah law, was the recipient of the Royal Award for Islamic Finance 2014, an award that recognises Islamic finance visionaries who contribute significantly to the growth of the global economy and social progress of communities around the world.

The award was presented by Yang di-Pertuan Agong Tuanku Abdul Halim Mu’adzam Shah at the dinner and award presentation here held in conjunction with GIFF 2014.

Originally published on www.thestar.com.my