Islamic

BNM continues to promote progressive, inclusive Islamic financial system

30 Mar 2022 11:51am
Photo for illustration purpose only - Source: 123rf
Photo for illustration purpose only - Source: 123rf

KUALA LUMPUR - Bank Negara Malaysia (BNM) has continued to focus its efforts on strengthening the role and contribution of Islamic finance in supporting socio-economic developments, in line with the United Nations Sustainable Development Goals.

In its Annual Report 2021 released today, the central bank said overall, the Islamic banking and takaful industry remained resilient and agile, growing at a faster pace than its conventional counterparts, albeit from a relatively smaller base.

According to the report, Islamic financing expanded to RM886.6 billion in 2021 from RM817.4 billion in 2020, while Islamic deposits and investment accounts rose to RM844.3 billion (2020: RM790.9 billion) and RM124.6 billion (2020: RM99 billion), respectively.

Meanwhile, in order to encourage inclusive and diverse financial solutions, the central bank has continued to prioritise developmental initiatives.

In 2021, BNM focused on building social resilience, promoting climate resilience and sustainability, and advancing halal trade and business.

Moving forward, the central bank envisions more financial institutions to participate in the iTEKAD financing solutions programme through greater innovation when integrating social finance into financial services.

"These would support the mainstreaming of social finance as an integral component of the financial system,” it said.

In terms of advancing global partnership and collaboration, BNM said it has continued to intensify international collaborations and presence through participation in key international events and dialogues, constantly supporting global demand for Islamic finance expertise, and continuous strategic commitment towards global Islamic finance regulatory development.

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It said the upcoming flagship events in the fourth quarter of 2022, namely The Royal Award for Islamic Finance (The Royal Award) and Global Islamic Financial Forum (GIFF), will be part of the development journey of Malaysia’s Islamic finance.

Jointly led by BNM and the Securities Commission Malaysia, The Royal Award recognises outstanding and inspiring individuals with significant contributions to the advancement of Islamic finance. - BERNAMA

Islamic financial system
Bank Negara Malaysia
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