Malaysia Promotes Islamic Finance

Islamic banking is growing fast in Malaysia which is promoting itself as the world's center for Shariah compliant financial products. Bloomberg Business Week reports today that Malaysian banking assets that comply with the Islamic ban on interest rose to the equivalent of $109 billion (US)-- 20% of Malaysia's total banking assets. Also Islamic insurance (takaful) now accounts for 9% of Malaysia's insurance industry. The Ministry of Finance's 2010-2011 Economic Report sets out the new data.