The Malaysian central bank has eased rules to allow all banks in the jurisdiction to conduct Islamic business. Its objective is to boost efforts to make Malaysia a global hub for Islamic finance. Commercial banks and investment banks licenced under the Banking and Financial Institutions Act 1989 can now carry out Islamic banking business in foreign currencies, central bank chief Zeti Akhtar Aziz said. Previously, only Islamic banks could conduct such business. "We aim to develop Malaysia into a centre for the origination, distribution and trading of sukuks to provide further impetus to the development of an increasingly vibrant and progressive bond market in Malaysia as well as in the Asian region," Dr Zeti said. Islamic finance bans interest payments and profits earned from alcohol, pornography, pork or gambling. Malaysia has the world's largest Islamic bond market, accounting for about $47 billion or two-thirds of total Islamic bonds outstanding worldwide. The country has an Islamic finance industry with $38 billion of assets ranging from stocks and insurance to home loans and pawnbroking. Islamic banking assets make up over 12 per cent of total bank assets. Singapore, London, Bahrain and Dubai all seek leadership of the $1 trillion Islamic finance market.