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KUALA LUMPUR: Middle East financial institutions will be keeping a close eye on the Malaysian market after the Southeast Asian country announced plans to open up its banking system to foreigners, according to a KL-based investment expert.

Malaysia has the most developed Islamic banking system in the world and Kamran Saddique, CEO of media and business consultancy Inside Investor, said financial houses in the Gulf Cooperation Council (GCC) countries will be keen to gain a slice of a big market.

“There could be an interest for banks from the GCC as Malaysia is willing to grant more licences and this can be a stepping board for the rest of Asia for GCC banks,” Saddique told Suite101. “There is a huge interest in the GCC for markets in Asia as the growth and opportunities are abundant and the local GCC markets are still weathering the storm of the 2008 fall-out.”

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