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PNB Backs Government's Efforts At Promoting Islamic Finance, Says PNB
Last update: 05/02/2013

KUALA LUMPUR, Feb 5 (Bernama) --Permodalan Nasional Bhd (PNB) is a strong supporter of the government's efforts at promoting Islamic finance with investee companies under the group being major players in the industry.

President/Group Chief Executive Tan Sri Hamad Kama Piah Che Othman said the investee companies currently command a market share of over 30 per cent in Islamic banking and more than 80 per cent for the takaful business.

Speaking at the Yayasan Tun Ismail Memorial Lecture Series 2012/2013 here Tuesday, he said the group's major strategic investee company, namely Maybank, had total assets worth RM476.9 billion as of Sept 30, 2012.

The largest financial services group also owns Maybank Islamic, Maybank Investment Bank and Etiqa Insurance and Takaful.

Hamad Kama Piah said Maybank Islamic hold 25 per cent and 21 per cent of the domestic market share in terms of gross loans and deposits respectively, and is the largest Islamic banking player in the Asia Pacific region.

"The investee companies have contributed immensely towards the development and success of Islamic finance in Malaysia," said Hamad Kama Piah, who is also a member and treasurer of the foundation's Board of Trustees, said.

Besides Maybank, among other PNB investee companies is BIMB Holdings Bhd, with a market share of eight per cent and 11 per cent in terms of gross loans and deposits respectively.

Its takaful business through Syarikat Takaful Malaysia commands a market share of almost 20 per cent.

Hamad Kama Piah said MNRB Holdings Bhd's unit, Takaful Ikhlas Sdn Bhd, also had a strong presence in the provision of Islamic financial protection services with a market share of gross direct contributions of 11.3 per cent from January to June 2012.

-- BERNAMA

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