Moody’s Investors Service expects Malaysia’s Islamic banking industry to grow between 10%-12% this year and 8-10% next year on the back of the country’s strong retail segment. In fact, the Islamic banking industry is even expected to grow faster than conventional banking. Moody’s analyst Li Tengfu said Malaysia’s banking sector is expected to grow 5-6% and 4-5% in 2022 and 2023, respectively. The country’s GDP is also projected to be slightly below 6% for 2022 and 2023.
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