Malaysian Public Bank Bhd aims to open an Islamic banking subsidiary within a year, according to the company’s co-chairman. The target for the opening of the company was revealed at an AGM for shareholders, where Public Bank revealed it was developing a raft of Islamic products in the fields of trade finance and wealth management.
News of the bank’s targets for expansion comes after annual figures revealed a 9.3 per cent increase in its income from Islamic banking last year.
“The potential for Islamic banking business is very good,” says Tan Sri Thong Yaw Hong. “Public Bank expects the Islamic banking and finance division to contribute a higher proportion of our income in future as we expand this business.”