ID :
134872
Tue, 07/27/2010 - 12:22
Auther :
Shortlink :
https://oananews.org//node/134872
The shortlink copeid
MALAYSIA SET TO CLINCH 25 PCT OF GLOBAL TRANSACTIONS IN ISLAMIC BANKING NEXT DECADE
From Mohd Iswandi Kasan Anuar
OXFORD, July 27 (Bernama) -- Malaysia is set to clinch 25 per cent of global transactions in Islamic banking within the next decade from less than 10 per cent currently, Minister in the Prime Minister's Department Nor Mohamed Yakcop said.
He said Malaysia would be attractive because it was the only country having
a complete value chain of Islamic financing with Islamic and conventional
banking both operating in the mainstream financial services landscape.
"There is great potential and if we do it right, we should be able to
achieve that," he told a press conference at the Inaugural Oxford Global Islamic
Branding and Marketing Forum here Monday.
He said Islamic finance companies in Malaysia should produce more products
in view of their experience in creating truly genuine Islamic financial
products.
They should create more interesting Islamic products based on the concept of
mudharabah (profit sharing) or musyarakah (profit and loss sharing), he added.
On the halal industry, Nor urged the players to produce products or services
that have value propositions not only for Muslim but also non-Muslim markets.
The industry has come to a level where companies should look at non-Muslim
markets to create economies of scale and as a result, make the products much
cheaper, he said.
"We have now come to a stage where we can create products from bottom up
instead of taking conventional products and cleansing it," he said, adding that
more than 70 per cent of the world population are non-Muslims.
He said the halal brand should also mean quality, pure and clean so that the
market reach would not be limited to Muslims.
"If we tell that halal is end-to-end traceability and very safe as well as
follow all ethical requirements then I belief the non-Muslims will also buy," he
said.
The two-day forum that began Monday was organised by University of Oxford's
Said Business School. Tanjung Manis Halal Hub is one of the lead partners.
Tanjung Manis is a Sarawak (an East Malaysia state) government project and a
component in the Sarawak
development corridor.
-- BERNAMA
OXFORD, July 27 (Bernama) -- Malaysia is set to clinch 25 per cent of global transactions in Islamic banking within the next decade from less than 10 per cent currently, Minister in the Prime Minister's Department Nor Mohamed Yakcop said.
He said Malaysia would be attractive because it was the only country having
a complete value chain of Islamic financing with Islamic and conventional
banking both operating in the mainstream financial services landscape.
"There is great potential and if we do it right, we should be able to
achieve that," he told a press conference at the Inaugural Oxford Global Islamic
Branding and Marketing Forum here Monday.
He said Islamic finance companies in Malaysia should produce more products
in view of their experience in creating truly genuine Islamic financial
products.
They should create more interesting Islamic products based on the concept of
mudharabah (profit sharing) or musyarakah (profit and loss sharing), he added.
On the halal industry, Nor urged the players to produce products or services
that have value propositions not only for Muslim but also non-Muslim markets.
The industry has come to a level where companies should look at non-Muslim
markets to create economies of scale and as a result, make the products much
cheaper, he said.
"We have now come to a stage where we can create products from bottom up
instead of taking conventional products and cleansing it," he said, adding that
more than 70 per cent of the world population are non-Muslims.
He said the halal brand should also mean quality, pure and clean so that the
market reach would not be limited to Muslims.
"If we tell that halal is end-to-end traceability and very safe as well as
follow all ethical requirements then I belief the non-Muslims will also buy," he
said.
The two-day forum that began Monday was organised by University of Oxford's
Said Business School. Tanjung Manis Halal Hub is one of the lead partners.
Tanjung Manis is a Sarawak (an East Malaysia state) government project and a
component in the Sarawak
development corridor.
-- BERNAMA
