Bank Negara Malaysia
Bank Negara Malaysia (BNM) was established in 1959, under the Central Bank of Malaysia Act 1958 (Revised - 1994). The central bank is principally entrusted to uphold monetary and financial stability and maintain oversight over the payments system in the country. By maintaining monetary stability through prudent conduct of monetary policy, BNM has kept the average inflation low and preserved the purchasing power of the ringgit, thus securing the prospects for sustainable economic growth and development. Over the years, BNM has significantly contributed to the development of a comprehensive, efficient and resilient financial sector that has been able to meet the increasingly sophisticated needs of consumers and businesses. Malaysia's financial sector now distinctively encompasses both the conventional and Islamic financial services. Focusing in Islamic finance where Malaysia has a comparative advantage, BNM has taken the lead in promoting Malaysia as an International Islamic Financial Centre (MIFC). Within this initiative, BNM approves licences for establishment of International Islamic Banks and International Takaful Operators as well as building the necessary institutions, including International Centre for Education in Islamic Finance (INCEIF) and International Shari'ah Research Academy for Islamic Finance (ISRA) in promoting training, education and research to advance the talent development for the Islamic financial services by providers under the purview of BNM and acts as an advisor to BNM on Shariah matters on such services. For more information on BNM, please log on to www.bnm.gov.my
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