KUALA LUMPUR: Malaysia can expect half of its banking assets to be Islamic by 2030 as the industry’s growth outpaces conventional banking, according to a lenders’ association.
“The name of the game in Islamic finance is differentiation,” he said in an interview in Kuala Lumpur, as consumers become more familiar with shariah-compliant products. Malaysia, which pioneered Islamic finance in the 1980s, set a target for Islamic banking assets to reach 40% of the total industry by 2020. That proportion has only reached 31% as of 2018, equivalent to RM916.7 billion, according to the central bank.
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