OCBC has received the go-ahead from Bank Negara Malaysia to set up an Islamic banking subsidiary in Malaysia. The unit will be allowed to carry out the full range of Shariah-compliant universal banking business. This includes Islamic hire-purchase and Shariah-compliant corporate finance activities.
OCBC has been involved in Islamic banking in Malaysia for the past 12 years. The approval from the central bank will allow the lender to further develop its business in this sector. - CNA /ls
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