ISLAMIC BANKING | Cesar Tordesillas, Malaysia

Bank Muamalat wants non-muslim customers for Islamic products

Bank Muamalat's hopes to enhance the market of its various Islamic banking products and services with non-Muslin customers .



Islamic banking is increasingly drawing the attention of non-Muslims in Europe.

Chairman Tan Sri Dr Mohd Munir Abdul Majid said: "There's nothing wrong with non-Muslims using Islamic banking products and services. If we look at the international level, they've started to show interest to use the Islamic banking system."

"The Islamic banking system offers more attractive services compared with those provided by conventional banks. For example, the Ar-Rahnu Islamic pawnbroking service which is safer and fair when compared with the other pawnbroking system," he added.

He said that maybe non-Muslims are quite confused with the Arabic terms used in Islamic banking, and that these terms should be translated into simple language.

"This alternative can possibly help increase the number of non-Muslims using the Islamic banking system," he said.

Mohd Munir said that presently, the percentage of non-Muslims using Bank Muamalat's services was 20 percent for the deposits segment and 40 percent for the financing segment.

He said the number of non-Muslims using the Islamic banking system in Malaysia was still low because they thought the system was only for the Muslims.

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