Islamic Banking in Malaysia

What was the first Islamic bank established in Malaysia?

How many banks in Malaysia offer Islamic products as of 2015?

What is the purpose of the National Shariah Advisory Council in Malaysia?

What was the first institution established in Malaysia for Muslims to save for their Hajj expenses?

When did commercial banks, merchant banks, and finance companies in Malaysia start offering Islamic banking products and services?

What is the International Centre for Education in Islamic Finance (INCEIF)?

Islamic Banking in Malaysia

First Islamic Bank Established: Bank Islam Malaysia Berhad, established in 1983, was the pioneer of Islamic banking in Malaysia.
Availability of Islamic Banking Products: As of 2015, there were 16 banks in Malaysia that offered Islamic banking products, reflecting the growing financial sector focused on Shariah-compliant services.

National Shariah Advisory Council

Purpose: The National Shariah Advisory Council in Malaysia provides guidance and advice on the interpretation and implementation of Shariah law in the banking and financial sector, ensuring compliance with Islamic principles.

Hajj Savings Initiative

First Hajj Savings Institution: Lembaga Tabung Haji, established in 1969, was the first institution in Malaysia that allowed Muslims to save specifically for their Hajj pilgrimage expenses.

Islamic Banking Evolution

Start of Islamic Banking Products: The offering of Islamic banking products and services by commercial banks, merchant banks, and finance companies in Malaysia began in 1993, marking a significant expansion of the financial landscape.

INCEIF Overview

International Centre for Education in Islamic Finance (INCEIF): Established in 2005, INCEIF is a global educational institution dedicated to the study and promotion of Islamic finance, providing quality education and training to professionals in the field.

Test your knowledge on the origins and development of Islamic banking in Malaysia with this informative quiz. Learn about the establishment of institutions like Perbadanan Wang Simpanan Bakal-Bakal Haji and Lembaga Tabung Haji, and the important role they play in helping Muslims save for their pilgrimage expenses. Discover the significance of the logo displayed by all institutions providing Islamic banking services and enhance your understanding of this important industry.