No plans for Islamic banking services yet

27 February 2013
The Phnom Penh Post
Banking and financial services / Economy and commerce
alcohol / Cambodia’s milled rice / capital / central bank / commercial banking / director-general / Financial Sector Development Strategy / forecast / Gambling / interest on loans / investments / Islamic banking services / Islamic Council for Development of Cambodia / Islamic deposits / Islamic principles / local banks / main export market / Middle East / Ministry of Commerce / Muslims / National Bank of Cambodia / NBC / Nguon Sokha / Pork / Qatar Airway’s Doha-Phnom Penh flights / regulatory framework / secretary-general / separate subsidiary / Sles Nazy / strategy

WHILE investments from the Middle East into Cambodia are expected to increase over the next few years, the central bank here currently has no plans to launch Islamic banking services. Recent events like Qatar Airway’s Doha-Phnom Penh flights, which launched earlier this month, have been expected to fuel investments from the Middle East. Last September, the ministry of commerce also forecast that the region would soon be the main export market for Cambodia’s milled rice. But a representative from Cambodia’s central bank said that Islamic banking services are not the central bank’s priority for now. Such services follow Islamic principles, and bar people from earning interest on loans or from investing in areas involving alcohol, gambling, and pork. …

http://www.phnompenhpost.com/2013022761645/Business/no-plans-for-islamic-banking-services-yet.html