Malaysia to encourage further Islamic banking

Malaysia has opened up its Islamic banking sector up to further foreign purchases, allowing up to 49% ownership by foreign investors.

The move comes as part of general economic reforms that the country is on target with in its bid to join the World Trade Organisation.

Additionally, the country reported a growth in the Malaysian economy by 7.1% in 2004, though a slowdown for the fourth quarter has set expected growth for 2005 to be in the region of 6%.

Story link: Malaysia to encourage further Islamic banking