Home » Islamic Banking Accumulates RM303 Billion In Assets – Awang Adek

Islamic Banking Accumulates RM303 Billion In Assets – Awang Adek

News From : DagangHalal.com (30 Jun 2010)

KUALA LUMPUR, June 30 (Bernama) — The country’s Islamic banking system has accumulated a total RM303 billion in assets or about 19.6 per cent of the total assets of the banking sector, which is RM1.5 trillion, Deputy Finance Minister Datuk Dr Awang Adek Hussin said.

Islamic bond or sukuk also performed well, garnering 57 per cent or RM172 billion of the total bond issuance of RM301.75 billion, he said in reply to a supplementary question from Khairy Jamaluddin (BN-Rembau) in the Dewan Rakyat today.

He said the achievement was in line with the target set out under the National Financial Sector Masterplan 2001-2010.

Awang Adek said the good performance of the Islamic banking sector was due to the strong support including from the government and the non-Muslims.

Replying to Mohd Nasir Zakaria (PAS-Padang Terap) on Islamic Banking’s reliance to conventional banking, Awang Adek said it was due to the conventional banking’s financial clout, expertise and larger pool of human capital.

“However, members of the public need not worry over the syariah-compliance of Islamic banks which are subsidiaries of conventional banks,” he said.

Replying to Mohd Nasir’s original question, Awang Adek said at the moment 11 conventional banks had upgraded their Islamic banking operations into full-fledge Islamic banks.

There were 17 Islamic banks in the country at the moment, he said.

— BERNAMA

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