Malaysia can expect half of its banking assets to be Islamic by 2030 as the industry’s growth outpaces conventional banking, according to its lenders’ association.
Loans that comply with the religion’s ban on interest is set to increase by 10 per cent to 15 per cent annually over the next five years, outpacing the 5 per cent to 7 per cent growth seen for non-Islamic loans, said Adissadikin Ali, president of the Association of Islamic Banking and Financial Institutions Malaysia, or Aibim.
“The name of the game in Islamic finance is differentiation,” he said in an interview in Kuala Lumpur. Consumers are becoming more familiar with Sharia-compliant products, he added. Moreover, the industry’s focus on values-based financing, which calls for protecting people and the planet, will help spur demand amid growing interest in ethical investing, he said.
Malaysia, which pioneered Islamic finance in the 1980s, set a target for Islamic banking assets to reach 40 per cent of the total industry by 2020. That proportion has only reached 31 per cent as of 2018, equivalent to 916.7 billion ringgit ($224bn), according to the central bank.
Mr Adissadikin, who is also chief executive at RHB Islamic Bank, said he was confident of his 50 per cent forecast for 2030 even if Malaysia falls short of its 2020 goal. The signs can be seen in the nation’s largest banks, he said, with Malayan Banking’s Islamic loans accounting for 61 per cent of the total and RHB Bank’s ratio rising to 38 per cent, from 26 per cent in 2017.
“Islamic banks are already on par with the conventional in Malaysia,” he said. “What you see in conventional, you can see in Islamic.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
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Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
