Thursday, 30 July 2015

MBSB-Muamalat merger, full-fledged Islamic bank on the cards?

Malaysia Building Society Bhd (MBSB), one of the non-conventional banks in the local financial industry, is on track to obtaining a full-fledged Islamic banking licence with plans under way for a merger with Bank Muamalat.

Sources said the plans were being crafted as part of MBSB’s vision to obtain a full-fledged Islamic banking licence.

Currently, the largest shareholder in Bank Muamalat is DRB-Hicom Bhd, which controls 70% of the group, followed by the Government’s investment arm Khazanah Nasional Bhd that has a 30% stake.

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