Eight months after the Malaysian central bank, Bank Negara Malaysia (BNM), announced new incentives to boost the presence of foreign financial institutions in the predominantly Muslim country, Malaysian officials continue to lobby for fresh investments in an area which is considered a fast emerging cornerstone for the economy.

Since 1983, when the concept of Islamic banking began to take root in Malaysia, Islamic banking assets have soared to about $34bn, equivalent to almost 13 per cent of the market.