Banking Industry in Malaysia

Topics: Bank / Pages: 12 (3320 words) / Published: Jul 27th, 2010
Money is closely linked to our lives, so the financial institutions become an inevitable and important part of our lives and people are always focusing on the situation of financial institutions. So the banking industry is the most suitable topic to study. Then, we decided to use scenario model to analyze the industry (Showed by diagrams 1).

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Diagram 1

After analyzing the situation of the industry, we choose ten years because it is the most proper time for our scenarios. The environment can not reach the enough degree to support these scenarios if the time is too short. On the other hand, long period of time is hardly to forecast the future careers.

In the process of searching materials about banking industry, we found the major Stakeholders influencing the industry. They are government, consumers, and competitors in term of development of banking industry.

The banking industry in Malaysia started from the early 1900s , in 1913 Malaysia’s first domestic bank – Kwong Yik (Selangor) Banking Corporation (now Malayan Banking Berhad) was set up, as thriving profits from rubber plantations and the tin industry. Besides, a statutory body, Bank Negara Malaysia (Central Bank), which is wholly-owned by the Federal Government, was established to the need for a governing body to oversee the activities and operations of the numerous banks in the country. Now, In Malaysia banks mainly consist of commercial banks, Islamic banks, and merchant banks. In addition, Malaysia has become an international Islamic Financial centre (Edge, 2006). As far, the banking industry in Malaysia has made conventional banking products and services, such as deposits and loans or hire purchase, taking on more advanced features, which are facilitated by advanced technological developments and make bank customers easier and simpler methods and processes of going about their daily banking. Furthermore, it also has introduced new products and services like credit and

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