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Agrobank of Malaysia is Islamic bank now

Agrobank of Malaysiahas started operating as a full-fledged Islamic bank. Agrobank accounts for 32% of loans provided to Malaysia’s food production sector and it has managed to convert deposits worth 352 million ringgit ($94.2 million) from conventional into Islamic banking, according to chairman Faizah Mohd Tahir of the bank. Malaysia has one of the world’s largest Islamic finance sectors and authorities envision the industry accounting for 40% of the country’s total banking assets by 2020 compared with 23 per cent last year.

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