MBSB-Muamalat merger, full-fledged Islamic bank on the cards?

Islamic bank licence: Ahmad Zaini Othman(Inset) had said ?that a corporate exercise was inevitable for the financial institution in an increasingly competitive landscape.

PETALING JAYA: Malaysia Building Society Bhd (MBSB), one of the non-conventional banks in the local financial industry, is on track to obtaining a full-fledged Islamic banking licence with plans under way for a merger with Bank Muamalat.

Sources said the plans were being crafted as part of MBSB’s vision to obtain a full-fledged Islamic banking licence.