On 21 September 2001, Bank Negara Malaysia (the Bank) introduced the circular on “Perbankan Islam” logo (the logo) which requires all licensed Islamic banks under the Islamic Financial Services Act 2013 (IFSA) and, licensed banks and licensed investment banks under the Financial Services Act 2013 (FSA) participating in Skim Perbankan Islam (SPI banks) to display the logo at the branches as well as in all documents related to Islamic financial products and services, with the objective to provide awareness on the availability of Islamic financial products and services. Subsequently, the same requirement is reiterated by the Bank in paragraph 8.15 of the Guidelines on Skim Perbankan Islam issued on 2 November 2012.
Following the developments in the Islamic banking industry, in particular, the issuance of new Islamic banking licences to foreign entities and the transformation of the SPI operations in SPI banks into licensed Islamic banks, the requirements for the licensed Islamic banks to display the logo became less significant in view that—
(a) licensed Islamic banks are already providing a full suite of Islamic financial products and services; and
(b) the names of the licensed Islamic banks will appear at their branches and in all their documents.
Notwithstanding paragraph 1.2, the logo would still be relevant and applicable to licensed Islamic banks that adopt the leveraging model, in particular to the shared branches, the SPI banks and the prescribed development financial institutions (DFIs).
This policy document aims to specify the applicability, display requirement and specification of the logo for Islamic banking institutions (IBIs) as defined in paragraph 6.2. The requirement to display the logo is to provide visibility and promote awareness to the customers on the availability of the Islamic financial products and services at the branches.
This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking
