ISLAMIC BANKING | Cesar Tordesillas, Malaysia

PNB Group backs Malaysian govt push for Islamic finance

Investee companies under PNB are leading support for Malaysia's efforts at promoting Islamic finance.

Permodalan Nasional Bhd President/Group Chief Executive Tan Sri Hamad Kama Piah Che Othman said the investee companies have a market share of over 30 percent in Islamic banking and takaful.

He noted that the group's major strategic investee company, namely Maybank, had total assets worth RM476.9 billion as of Sept 30, 2012. The largest financial services group also owns Maybank Islamic, Maybank Investment Bank and Etiqa Insurance and Takaful.

Hamad Kama Piah said Maybank Islamic hold 25 per cent and 21 per cent of the domestic market share in terms of gross loans and deposits respectively, and is the largest Islamic banking player in the Asia Pacific region.

"The investee companies have contributed immensely towards the development and success of Islamic finance in Malaysia," said Hamad Kama Piah, who is also a member and treasurer of the foundation's Board of Trustees, said.

Besides Maybank, among other PNB investee companies is BIMB Holdings Bhd, with a market share of eight per cent and 11 per cent in terms of gross loans and deposits respectively. Its takaful business through Syarikat Takaful Malaysia commands a market share of almost 20 per cent.

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