Islamic banking on track to make up 40% of Malaysia's banking sector assets

Malaysia’s Islamic banking assets are on track to make up 40% of the country’s total banking sector assets by 2020 from about 25% now, according to Wasim Saifi, Standard Chartered Saadiq Bhd chief executive officer and global head of Standard Chartered’s Islamic consumer banking. Islamic banking has grown twice as fast in Malaysia as its conventional counterpart at a compounded annual growth rate of 22%. Syariah-compliant solutions are currently offered at 10 Standard Chartered Saadiq branches, but will now also be available via the Islamic banking counters at Standard Chartered Bank Malaysia’s conventional branches. Standard Chartered Saadiq is also targeting to penetrate further into the SME market.