Bank Negara looking for right mega Islamic bank investors

Bank Negara Malaysia hopes to issue two mega Islamic bank licences this year.

"The plan is still in progress. We need to find the right investors," said deputy governor Datuk Mohd Razif Abdul Kadir according to a Bernama report.

Under the Mega Islamic Bank set up, foreign partners can hold up to 70 per cent stake in a local bank provided the size of the capital is US$1 billion.

Mohd Razif said BNM was not in a hurry to issue the licences as the local players were doing well, adding that the aim to have mega Islamic banks was to further enrich the Islamic financial landscape.

"Our Islamic financial landscape is good but we need few mega players. Currently, there are 17 foreign Islamic banks in Malaysia," he said.