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Minister: Islamic banking success due to hard work

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BACHOK: Malaysia's success in according Islamic banking a notable position in the world bears testimony to the Islamic-centric focus of the country's leaders, Deputy Finance Minister Datuk Dr Awang Adek Hussin said yesterday.

He said the status was not an easy one to attain, and could not have suceeded without hard work and sacrifices.

"When the Islamic banking system was drafted, many were sceptical, including Malaysians and several foreign countries, on the country's ability to implement the system," he told reporters after a meet-the-people session at Kampung Tok Choong, here.

The deputy minister was asked to comment on the recent statement by the Islamic Banking and Finance Institute of Malaysia that it was aiming to upgrade the role of Islamic banking to hold equal importance to the conventional finance system over the next 10 years.

Awang Adek said among the benefits of Islamic banking were that it does not pose a high risk as the interest rates are fixed, thus not burdening despositors. Bernama


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