PERAK CROWN PRINCE TO LEAD MIFC DELEGATION TO UAE, SAUDI ARABIA NEXT WEEK

By Nor Baizura Basri

KUALA LUMPUR, April 22 (Bernama) -- The Malaysia International Islamic
Financial Centre (MIFC) is organising a road show to United Arab Emirates (UAE)
and Saudi Arabia starting next week to further promote Malaysia as a global
Islamic financial hub.

The more-than-50-member delegation comprising regulators, fund managers and
other industry players, will be led by the northern state of Perak Crown Pince
Raja Dr Nazrin Shah, who is MIFC Financial Ambassador.

The road show, from April 26 to May 2, is MIFC's third to the Middle East
since 2008. It is also a follow-up to Prime Minister Najib Razak's visit to Abu
Dhabi and Saudi Arabia in January this year.

Bank Negara Malaysia (Malaysia's centra bank) Deputy Governor Mohd Razif Abd
Kadir, who will be among the key regulators in the delegation, said the roadshow
would provide a networking platform between the MIFC community and stakeholders
in the UAE and Saudi Arabia.

The UAE and Saudi Arabia, which are the biggest economies among GCC (Gulf
Cooperation Council) countries, are potential markets for MIFC players eyeing to
expand their international business, he said.

"An enhanced cross-border flow of funds will allow for a more efficient
allocation of funds across borders and facilitate trade between Malaysia and the
UAE/Saudi Arabian markets," he told Bernama recently.

He said MIFC players should seize this opportunity to seek potential
partners for possible ventures in the UAE or Saudi Arabia and Malaysia, as well
as to strengthen their positions as players in Islamic finance.

Razif said the potential growth in these markets provides an opportunity for
global integration of Islamic finance as Malaysia can offer these markets with
an enabling platform to conduct Islamic finance business activities.

"The enhancement of economic and trade interlinkages between UAE/Saudi
Arabia and Malaysia will provide opportunities for Islamic finance players from
Malaysia to offer financing, fund-raising and other services," said the deputy
central bank governor.

UAE was Malaysia's 14th largest trading partner globally and the largest
trading partner in West Asia, accounting for 1.6 per cent of Malaysia's global
trade in 2009.

Bilateral trade with UAE has grown more than three-fold from US$1.159
billion in 2000 to US$4.587 billion last year.

Meanwhile, trade with Saudi Arabia increased by more than three-fold to
US$1.923 billion last year from US$606.4 million in 1998.

Razif said the country aims to internationalise the Islamic financial
community and its offerings through the MIFC initiative.

"Continual liberalisation of the Islamic financial services sector allows
for greater international participation to benefit from Malaysia's value
propositions in Islamic finance," he said.

Among liberalisation moves that have been taken include raising foreign
equity stake in Islamic banks and investment banks from 49 per cent to 70 per
cent.

MIFC was launched in 2006 as part of Malaysia's initiative to globally
integrate within the international Islamic financial community, and to position
the country as an international Islamic financial centre.

Through road shows, MIFC has successfully created a bridge between MIFC
players and their counterparts from the Gulf region, resulting in many
strategic collaborations.
-- BERNAMA