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Banking industry of Malaysia consist of a diversified range of institution to fulfil the changeable needs of the nation’s economy

February 22, 2019 0 Comment

Banking industry of Malaysia consist of a diversified range of institution to fulfil the changeable needs of the nation’s economy. Malaysia’s banking industry runs dual banking system which are the conventional banking system and Islamic banking system. Both of these system are co-exist and completely parallel in operation.
The major structure of Malaysia’s banking system including Bank Negara Malaysia, banking institutions such as commercial banks, investment banks, Islamic banks, merchant banks and other finance companies like discount houses and representative offices of foreign banks.
Bank Negara Malaysia (BNM) is the central bank of Malaysia, a statutory body which is wholly-owned by the Federal Government. The main objective of BNM exist is to ensure and facilitate stability of monetary and financial system and that is important to the sustainable economy growth of the Malaysia’s economy.