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Malaysia's MBSB sets 5-year time frame for conversion to Islamic bank

[KUALA LUMPUR] Malaysia Building Society Bhd (MBSB) said on Wednesday it wanted to complete its conversion to a bank that only does Islamic financing in five years.

MBSB, currently a non-bank lender, said in February it would convert existing conventional financial products into Islamic ones while introducing new ones to close the gap with competitors.

The plans to transform into an Islamic bank were revived after a proposed merger with CIMB Group Holdings Bhd and RHB Capital Bhd was cancelled, Chief Executive Ahmad Zaini told reporters after a shareholders meeting.