KUALA LUMPUR: Bank Negara Malaysia’s priorities in 2024 are to build on Malaysia’s strong Islamic finance ecosystem.
The central bank said, in 2023, the efforts were taken to enhance the role and contribution of Islamic finance in supporting socio-economic developments in Malaysia which it collaborated with the Islamic finance industry to increase the adoption of value-based finance to meet the financial needs of consumers and businesses.
BNM said that the Islamic banking and takaful industries continued to grow in 2023 with the Islamic banking industry’s share of total financing in the financial system increased from 44.5 per cent in 2022 to 45.6 per cent in 2023 whilst the takaful industry’s share of total net contribution increased from 23 per cent in 2022 to 23.4 per cent in 2023.
As for the role of BNM’s Shariah Advisory Council , the central bank said it continued to address a range of issues relevant to Shariah applications to provide clarity on the permissibility of several new Islamic financial transactions and arrangements, as well as helping to secure certainty and encourage continuous innovation in the development of Islamic financing solutions.
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