A statement by the Malaysian central bank, Bank Negara Malaysia, said, “The issuance of an Islamic mega bank licence in Malaysia is to increase the international dimension of Islamic Finance in the Malaysian financial system and thus enhance Malaysia’s global economic and financial interlinkages with other parts of the world, in particular, with other emerging economies and international financial centres.
“Entities applying for such licences are required to meet all the existing rules and regulations set forth by Bank Negara Malaysia. A full licence will only be awarded once all legal and regulatory requirements are met………………………………………..Full Article: Source