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BNM may allow 2 foreign banks

23/11/2009 02:32:00 PM GMT   Comments ()     Add a comment   Print     E-mail to friend

Awang Adek Hussin, deputy finance minister of Malaysia, speaking on the sidelines of the Islamic Financial Planning and Wealth Management Conference in Kuala Lumpur in November 2009, confirmed that two foreign banks have been short listed by Bank Negara Malaysia, the central bank, in their applications for new Islamic banking licenses.

In April the Malaysian government as part of its on-going financial sector liberalization policy announced that Bank Negara Malaysia would give up to two new Islamic banking licenses to qualified foreign market players to establish new Islamic banks in the country with a paid-up capital of a minimum of $1 billion.

Source: Zawya

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