Deutsche Bank gets Malaysian Islamic bank licence

Deutsche Bank has received an international Islamic banking licence from Malaysia's central bank, the investment bank said in a statement issued on Monday.

The licence allows banks to conduct non-ringgit Islamic banking services.

Malaysia is recognised as Asia's main Islamic finance hub but most of its Shariah banking business is conducted in the local ringgit currency.

The central bank wants to encourage more foreign investment and will award two new Islamic banking licences to foreign firms to set up banks with paid-up capital of at least $1 billion.