When doing business in or with Malaysia, it is important to have a good knowledge about the system of banking in Malaysia. Malaysia is home to several hundred different banks -- commercial banks (including several international banks with Malaysian offices), Islamic banks, and credit unions to name a few. These different banks cover a wide range of banking needs, but a detailed knowledge of banks in Malaysia is necessary to successfully take advantage of the system.
Malaysia commercial banking is very strong, and the government encourages foreign investment and business. It is important to remember, however, that Malaysia banking institutions differentiate between Islamic and business banking in Malaysia. The rules of each of these types of banks differ greatly. The major difference between Islamic and conventional banking is the absence of interest in Islamic banking.
Keep the following in mind when looking for banks in Malaysia:
1. Focus on banks that will meet your specific needs.
2. Remember that urban and commercial banking in Malaysia differ greatly from rural personal and development banking.
3. Comparing Malaysia banks will help you find the right bank from the many available.
4. Check out the many websites devoted to Malaysian online banking.
Action Steps
The best contacts and resources to help you get it done
Gather general information to compare Malaysia banks
Information about Malaysia commercial banking and general financial state of Malaysia can be found from the Malaysian government and from private sources.
I recommend: Bank Negara Malaysia, the national bank of Malaysia offers exchange, economic and general banking information on Malaysia.
PropertyShowrooms.com offers an article with practical information for the foreigner wanting to bank in Malaysia.
Get background information on banks of Malaysia before doing business or making investments
There are several banking service companies and organizations that provide detailed information on Malaysia banks and economics.
I recommend: There are several Malaysia bank organizations including the
Institute of Bankers -- Malaysia, the
Association of Islamic Banking Institutions Malaysia and the
Association of Banks in Malaysia.
Research particular banks in order to know which banks will best suit your needs
With hundreds of banks of many different types, you need to compare Malaysia banks in order to make a knowledgeable choice before banking in Malaysia.
I recommend: Bank Negara Malaysia offers lists of
commercial banks, Islamic
banks and investment banks.
Tips & Tactics
Helpful advice for making the most of this Guide
- Malaysia banks are happy to deal with foreign investments, but be sure you have all the right information before doing business.
The official source of Banks in Malaysia is the Banks in Malaysia page at Business.com
Related Resources from Business.com
Best Sites to Learn More
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