Bank Muamalat to open 1st Islamic bank in China

Bank Muamalat Malaysia Bhd has teamed up with Bank of Shi Zui Shan of China to set up its first Islamic bank in China - in Ningxia Hui autonomous region, in two years, and develop and promote Islamic banking there.

Bank Muamalat's chief executive officer Mohd Redza Shah Abdul Wahid said the two banks will work together in setting up a framework for Islamic banking in China and aim to offer syariah-compliant products in Ningxia via a window at Bank of Shi Zui Shan's network of 23 branches.