The Ministry of Finance (MOF) is the government department responsible for the budget and revenue raising activities. It develops economic policy and prepares the Malaysian federal budget. In Malaysia, the MoF oversees the expenditure and revenue of the government, including taxation and spending. It also issues the national budget. The government relies on the MOF’s services to meet its financial obligations.
The country’s financial services sector is one of the most innovative in Asia. Developed out of the Asian financial crisis in the late 1990s, Malaysia’s financial system is governed by solid institutions and modern rules. This innovative approach has led to Malaysia sharing its lessons with other developing nations. Today, the Malaysian financial system meets the highest global standards, which is an important factor for the economy.
Project finance is used for a variety of projects in Malaysia. Its applications range from the extraction, processing and transportation of natural resources to the construction of power plants, roads, and infrastructure. It is also used for capital-intensive investment business projects. A number of specialised Malaysian institutions specialize in providing financing for these types of projects.
Malaysia’s financial sector consists of three main types of institutions: commercial banks, investment banks, and Islamic banks. These institutions provide investment services to individuals and firms. The largest banks in Malaysia are RHB, Maybank, CIMB, while several others are foreign-owned.