"The plan is still in progress. We need to find the right investors," he said, when asked on progress of the plan to issue mega Islamic bank licences. (full story)
Mohd Razif told reporters this after launching the second Foundations of Islamic Finance Series Conference: "Islamic Banking Products: Theory, Practice and Issues" here Tuesday.
He said BNM hoped to issue the licences this year.
"Local players can invite foreign partners. They can hold up to 70 per cent stake provided the size of the capital is US$1 billion," he said.
On whether the geopolitical tensions in West Asia could dampen investor interest, Mohd Razif said: "They need to find alternative investment avenue. We don't have the problem attracting them."
Mohd Razif said BNM was not in a hurry to issue the licences as the local players were doing well, adding that the aim to have mega Islamic banks was to further enrich the Islamic financial landscape.
"Our Islamic financial landscape is good but we need few mega players. Currently, there are 17 foreign Islamic banks in Malaysia," he said.
Source : http://www.bernama.com/bernama/v5/newsbusiness.php?id=569407 - March 8, 2011
BANKING - Plan To Issue Mega Islamic Bank Licences Still In Progress - Albaraka ABG Shaikh Saleh Abdullah Kamel is reported to be in the running to open an Islamic mega bank - Albaraka has a representative office in Indonesia and is planning a take over / reconversion of an Indonesian bank
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