Malaysia steps closer to becoming Islamic banking hub

comments     Eileen Ng     Published     Updated

KUALA LUMPUR Malaysia takes a step closer to realising its aim of becoming a regional Islamic financial hub next month with the launch of an international panel to set benchmarks for Islamic banking.

Central banks from eight founding members Malaysia, Saudi Arabia, Indonesia, Iran, Kuwait, Pakistan, Sudan and the Islamic Development Bank will ink a pact November 3 in Kuala Lumpur to inaugurate the Islamic Financial Services Board (IFSB).

The establishment of the IFSB an association of central banks, monetary authorities and other institutions responsible for supervising and regulating Islamic banking was "in response to the growing significance of the Islamic financial services industry," officials said.

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