Assets Mobilised By Islamic Banking Account For 10 Pct Of Banking System.
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The assets mobilised by the Islamic banking sector as at June 2004, have increased to RM89.1 billion, accounting for a market share of about 10 percent of the banking system, said Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz. She said that at the same time, deposits have also increased to RM63.9 billion, constituting a market share of 10.4 percent while financing mobilised amounted to RM54.1 billion to garner 11 percent of the market share. Product offerings have also increased in sophistication from the deposit products to hybrid products that are able to enhance returns to depositors, she said in her keynote address at the Conference on Developing Islamic Banking & Capital Market organised by Asian Strategy & Leadership Institute (ASLI). Dr Zeti said that a further advancement was made with the introduction of the Islamic variable rate financing mechanism that provides an alternative to the fixed-rate financing. This will assist the Islamic banking institutions in mitigating part of the risks emanating from asset and liability… |