Banking in Malaysia
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Banking in Malaysia
The banking system in Malaysia is made up of commercial banks, merchant banks and Islamic banks.
The national currency is issued by Bank Negara Malaysia who is also responsible for the regulation of the system as well as supervising several insurance companies and finance institutions throughout the country. Bank Negara Malaysia also acts as the government’s banker and financial advisor, oversees the banking system in the country and administers the country’s foreign exchange control regulations.
There are a total of 23 commercial banks operating in Malaysia and 21 foreign banks with offices in Malaysia. Of the 23 commercial banks, 13 are foreign and 10 are domestic banks. Of the latter, five operate in numerous countries through branches, joint ventures and subsidiaries.
There are ten merchant banks in Malaysia, and ten Islamic banks which provide the full range of financial services based on Shariah principles. Islamic financial products and services are available though almost six hundred branches as eight conventional banks also provide Islamic banking services through dedicated Islamic windows
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