Fresh Islamic finance legislation is being developed in
Legislation is also being redrawn in
"Our medium-term strategy is to test the effectiveness of the
"An important precondition for any expansion is the existence of a proper legislative framework for Islamic finance in the respective countries."
A draft amendment, currently awaiting discussion in
This could spur new entrants into the sector, such as
In addition to Zaman, the regulator has now received an application to operate another full-fledged Islamic bank, Abraham said without elaborating.
Launched in 2010, Al Hilal is on target to see asset growth of 70 percent this year, with similar growth expected for 2015, he said, adding this was partly because growth was from a low base; it is expected to slow as the bank gains size.
The bank posted a 46 percent increase in assets in 2013, reaching
Its business is focused on government and large corporate clients, and after conducting a feasibility study earlier this year it has decided to wait for legal issues to be resolved before offering retail banking services.
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