Islamic mega bank licence applications are market-driven, says BNM

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KUALA LUMPUR: Bank Negara Malaysia (BNM) said applications for Islamic mega bank licences are market-driven and private sector-led.

 

"Those entities exploring the possibility of participating as an investor will determine their own course of action based on their assessment of the business viability of the investment," it said in a statement today. 
 
Stringent criteria and assessments by BNM will be applied on prospective investors and the licensee as required by the law, it said. 
 
BNM said entities applying for Islamic mega bank licences are required to meet all the existing rules and regulations set by the central bank.  
 
"A full licence will only be awarded once all legal and regulatory requirements are met," it said, in updating the status of Islamic mega bank licences.
 
BNM said the issuance of an Islamic mega bank licence in Malaysia is to increase the international dimension of Islamic finance in the Malaysian financial system.
 
The issuance will thus enhance Malaysia’s global economic and financial interlinkages with other parts of the world, in particular, with other emerging economies and international financial centres, it said. -- BERNAMA

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