Malaysia’s Islamic banks need not fear digital challengers — as long as they embrace financial inclusion

Malaysia’s Islamic banks need not fear digital challengers — as long as they embrace financial inclusion

 

KUALA LUMPUR: The head of one of Malaysia’s main Islamic banks insists he has no fear of a new wave of digital banks that will open in the country next year.

Arsalaan Ahmed, chief executive of Al-Rajhi bank, is himself gearing up to unveil the institution’s new suite of digital services at a time when Malaysia’s central bank will issue five licences for challenger banks.