Islamic banking to achieve above 25% market share

Standard Chartered's global head for Islamic consumer banking, Wasim Saifi, says Malaysia's Islamic banking industry is growing twice as fast as its conventional counterpart with a compounded annual revenue growth of 22%. Standard Chartered's global head for Islamic consumer banking, Wasim Saifi, says Malaysia's Islamic banking industry is growing twice as fast as its conventional counterpart with a compounded annual revenue growth of 22%. KUALA LUMPUR: Islamic banking is expected to achieve a market share of more than 25% in terms of banking assets this year, said CEO of Standard Chartered Saadiq Bhd and global head of Standard Chartered's Islamic consumer banking, Wasim Saifi. He said Malaysia's Islamic banking industry had grown twice as fast as its conventional counterpart with a compounded annual revenue growth of 22%. "Despite the challenging global environment, we are optimistic of double-digit growth in this sector. With the continuous double-digit growth momentum, and with the regulatory framework that Bank Negara has put in place, the target for Islamic assets is to make up 40% of Malaysia’s total financial market by 2020. "This is easily achievable," Wasim said after the launch of Saadiq's branded Islamic banking windows, aimed at promoting Standard Chartered's Islamic product and services. Saadiq's syariah-compliant products, currently offered at 10 dedicated Standard Chartered Saadiq branches, would now be made available at Standard Chartered Bank's conventional branches. "For a start, the Islamic banking windows have been introduced in the Klang Valley, Seremban, Alor Setar, Johor Bahru, Butterworth, Kuching, Kuantan and Kota Kinabalu, and plans are underway to cover all 33 conventional branches over the next two years," he added. – Bernama (source: The Star March 11, 2014)