Malaysia Prime Minister: Islamic finance part of mainstream financial system

Islamic banking has now become part of the country's mainstream financial system and has the potential to generate the country's economic growth, said Prime Minister Datuk Seri Abdullah Ahmad Badawi.

In a written reply to Datuk Abdul Rahim Bakri (BN-Kudat) in the Dewan Rakyat, the prime minister said Islamic banking has cornered 12.2% of the domestic financial market with assets totalling RM133 billion. In the Takaful sector, it has cornered 6.1% of the market with assets worth RM6.9 billion.

“The Islamic financial system in the country is positioned at a strong and solid position,” said Abdullah, who is also the Finance Minister.

Via The Edge Daily, Malaysian Islamic Banking and Finance.