Islamic Banking Sector Is The Fastest Growing Segment Online Under Finance

By Azlee Nor Mahmud KUALA LUMPUR, May 20 (Bernama) -- The Islamic banking sector is the fastest growing segment online under the finance category, with a 68 per cent increase, year-on-year, said Google Malaysia. Google Malaysia Sales and Finance Head Chuah Jia Wen said the company noted the affinity and association when people searched for personal loans in the Islamic banking sector. "Whereas, in the conventional sector, the interest was more in credit cards and loans. "Islamic banking is very specific and personal loans popular, alongside Takaful and Amanah Saham Bumiputera," she told Bernama. She said overall, the finance category is growing 30 per cent year-on-year, as consumers are now smarter, and go online to be better informed in making the right decisions. Meanwhile, RinggitPlus.com Chief Financial Officer Hann Liew echoed Chuah in admitting seeing growth in the financial sector as a whole and more so in Islamic banking. He noted three trends that stood out, in that, the finance industry as whole is growing in terms of searches online, enquiries into Islamic banking is growing faster than conventional banking, and the mobile platform is developing faster than the desktop. Meanwhile, Liew said the best protection for borrowers to not fall into serious debt, is themselves. "You need to ensure that you are borrowing responsibly, and are able to repay loans, credit cards and debt within the specific time period allotted," he added. --BERNAMA