Maybank: Budget will promote Islamic banking

The 2012 Budget will further promote the comprehensive development of conventional and Islamic banking, insurance and takaful, investment banking and other financial services in terms of the range and offerings of products and services, Maybank president/chief executive officer Datuk Seri Abdul Wahid Omar said.


“We are extremely pleased that the Government continues to give a high priority for the growth and development of the financial services sector.

“Budget 2012 is no exception given the slew of tax incentives for the setting up of treasury management centres, sukuk issuance and transactions, private retirement scheme, exchange-traded fund, Skim Amanah Rakyat 1Malaysia and the development of Kuala Lumpur International Financial District,” he said in a statement on Friday.

Wahid, who is also chairman of the Association of Banks in Malaysia, said the budget was most comprehensive and reflected the Government’s effort to strike a balance between dealing with people, cyclical and structural issues.

He said the banking industry was grateful for the tax incentives for companies providing structured internship programme and scholarships as well as participating in careers fairs abroad.

This was because human capital development and attracting and retaining talent were one of the key issues facing the banking/financial services sector, he said.
Wahid said the further liberalisation of services sector would further promote financial services sector by enhancing the country’s post-industrialisation development strategy.

He said the review of Real Property Gains Tax (RPGT) was a good move to ensure macroeconomic and financial stability as well as social justice by curbing speculative activities and preventing excessive rise in property prices. “This is also balanced with incentives and allocations for the purchases and provisions of affordable and public housing schemes.”

Wahid also welcomed the Government’s commitment to reduce the budget deficit in 2012 to 4.7% of gross domestic product compared with 5.4% in 2011.(Bernama)