Malaysia remains largest Islamic banking market in Asia-Pacific
Malaysia, with 62.7% of Asia-Pacific’s total Islamic banking assets, continues to be the largest Islamic banking market in the region; and is likely to maintain its position in the next two years, according to S&P Global Ratings.
Kuala Lumpur (VNA) – Malaysia, with 62.7% of Asia-Pacific’stotal Islamic banking assets, continues to be the largest Islamic banking marketin the region; and is likely to maintain its position in the next two years,according to S&P Global Ratings.
As reported by the Malaysian national news agency Bernama, therating agency said Islamic financing in Southeast Asia is expected to grow by8% over the next two years, with Malaysia retaining its dominant marketposition.
“Islamic banks in core markets of Malaysia and Indonesiahave healthy capitalisation and stable retail deposit bases,” it said in areport on the Asia-Pacific Islamic banking sector.
On growth drivers for the region, it said they include theproposed merger of Malaysia Building Society Bhd and Malaysian Industrial DevelopmentFinance Bhd, which will create a full-service Islamic bank in Malaysia, as wellas increasing digitalisation of banking services in the region.
S&P Global forecast that Malaysian Islamic banks’ share of Islamicfinancing in Southeast Asia will increase to 45% by 2026. It said profitability for Malaysian Islamic banks is expected to stayflat in 2023.
The rating firm also said Malaysia’s Islamic banks are leading the way onenvironmental, social and governance (ESG) practice./.
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