“Islamic banking growth in Malaysia is mainly driven by government policies as well as the ‘Islamic First’ strategy employed by the banks,” Moody's analyst Wong said.
KUALA LUMPUR: The growth of Islamic banks in Malaysia has outpaced its conventional peers, with penetration growing tremendously over the past 10 to 15 years and now accounting for around 40% of the total financing in the country, says Moody’s Investors Service.
Moody’s Financial Institutions Group analyst Wong Chong Jun said the penetration rate stood around 20% around 10 to 15 years ago.
