Hot Topics: Kuala Lumpur Malaysia

20 mega-Islamic bank applicants


MORE than 20 banks have applied to Bank Negara Malaysia for licences to become mega-Islamic banks.

Deputy Finance Minister Datuk Donald Lim Siong Chai said of the number, 10 were local banks, six foreign banks registered in Malaysia, and five international banks.

"The licence is issued to a bank with a paid-up capital of at least US$1 billion and fulfils several criteria," he said in reply to Datuk Saifuddin Nasution Ismail (PKR-Machang).

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