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New Islamic digital bank is credit positive for the sector but is unlikely to affect incumbents

On 8 January, AEON Bank Berhad announced it had obtained regulatory approval to commence an Islamic digital bank business in Malaysia. The bank will release its roll-out plan in the first half of 2024. The approval is credit positive because it will support the growth of the Islamic banking sector in Malaysia (A3 stable) by providing accessible, inclusive and Shariah-compliant digital banking services, such as savings accounts, to potential customers who are unable to or have limited access to services....

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