Islamic banking: two systems exist side by side

Malaysia has a two-counter, side-by-side arrangement of Islamic and conventional windows at the same institutions. Some see Malaysia as leading the way in Islamic banking, while others argue that the Malaysian system is not truly Islamic. One leading Malaysian banker believes that Muslim countries are not as keen about economic development as Malaysia. He thinks that progress and Islam do not stand against each other and that a nation may adhere to Islamic principles while it pursues economic growth. The country's finance minister seeks to avoid semantics and instead wants to face 'substantive' questions. The development of a government-majority-owned Bank Islam Malaysia (BIM) is a part of the country's rapid-growth scheme. The securities offshoot of BIM is careful to invest only in firms not involved in gambling and Harâm sales. Over thirty financial institutions today offer Islamic services in Malaysia. This group includes foreign banks and banks owned by non-Muslims.