Malaysia Islamic financing growth to be high single digit despite lowest growth in 5 years in 2019 - RAM Ratings
RAM Rating Services expects Malaysia’s Islamic financing growth to be in the “high single digit territory” this year despite the sector in 2019 posting its lowest growth in the last five years.
Malaysia’s Islamic banks’ financing growth was 8.3% in 2019, down from 11% in 2018, according to RAM Ratings. This data excludes the development financial institutions, and 2018 figures were adjusted to exclude MBSB Bank that was only included in the banking system's statistics from April 2018.
The 8.3% growth was still higher than the conventional banking sector’s 3.9%, and was achieved amid the challenging and uncertain external environment, Sophia Lee, Co-Head, Financial Institutions at the rating agency told Salaam Gateway.
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