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Wednesday, 15 May 2013

Malaysia: CIMB Islamic upbeat on financial sector

KUALA LUMPUR: The financial market, whether Islamic or conventional, will always grow with a strong government and will not be affected by the ongoing protest by the opposition over the 13th general election results, said CIMB Islamic Bank Bhd executive director/chief executive director Badlisyah Abdul Ghani.
“The election result has shown that we have a strong government in the country, and we definitely will see Islamic finance grow more and more,” he told Bernama on the sidelines of the 10th Islamic Financial Services Board (IFSB) Summit themed “The Future of the Islamic Finance Services Industry: Resilience, Stability, and Inclusive Growth” here yesterday.
He said Islamic finance had been growing significantly over the last few years, and this trend was expected to continue this year.
“We will continue to see growth. In terms of activities, the banking sector will continue to deepen and Islamic finance will continue to dominate the market.
“In general, the asset management industry will also be healthy, both the equities and debt markets,” he said adding that there would be several more Islamic initial public offerings this year.
At the same event, the IFSB released the Islamic Financial Services Industry Stability Report 2013, which estimates the Islamic financial services industry’s assets at US$1.6 trillion as at the end of last year, representing 20.4% growth year-on-year since the end of 2011.

(The Star Online / 15 May 2013)

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