Malaysia’s central bank, Bank Negara, has robust Islamic finance regulations for Islamic institutions through its Islamic Financial Services Act (2013).

Source: https://www.emirates247.com/business/economy-finance/investment-monitor-dubai-is-the-most-important-global-center-for-islamic-finance-2023-05-21-1.711790

Obtaining a banking license turned out to be straightforward for him, since he was viewed as a safe pair of hands by the then governor of Bank Negara (Tun Islmail Mohamed Ali) and Minister of Finance (Tun Tan Siew Sin) in his current role at Maybank.

Source: https://seekingalpha.com/article/4583735-aikya-january-2023-investor-letter?source=feed_all_articles