ID :
145141
Thu, 10/07/2010 - 10:56
Auther :
Shortlink :
https://oananews.org//node/145141
The shortlink copeid
BANKERS SHARE MALAYSIA'S EXPERIENCE AT ASEM
From Jackson Sawatan
BRUSSELS, Oct 7 (Bernama) -- Amid the flurry of activity involving leaders of Asia and Europe at the Asia-Europe Meeting (Asem) Summit, which ended on Tuesday, business leaders of member countries gathered for a session of their own, developing recommendations for the leaders.
Parallel to the summit was the Asia-Europe Business Forum where Maybank
President and Chief Executive Officer Seri Abdul Wahid Omar and Bank
Negara (Malaysia's centrla bank) Deputy Governor Muhammad Ibrahim were among the
speakers.
Abdul Wahid told Malaysian journalists covering the summit here that he
shared Malaysia's experience at the forum and spoke about sustainable financing
as well as sustainable development.
He told the forum that although the concept of sustainable development was
more prevalent in the West, such awareness had "definitely landed in Asia."
For instance, he said, Malaysia embraced sustainability and made it one of
the three pillars of the New Economic Model which was unveiled by Prime Minister
Najib Tun Razak in March.
The other two pillars are high income and inclusiveness.
"While Malaysia aspires towards greater economic development, it also wants
to ensure that the environment is an ally and not a victim," said Abdul Wahid,
who attended the forum for the first time.
He also spoke of Maybank's experience and told the session that the bank,
which is Malaysia's biggest lender by assets -- amounting to US$100 billion,
had been consistently playing the role as the mobiliser of funds towards
productive sectors.
In the context of social development, he said the bank was looking at
corporate responsibility and supporting micro financing, either in Malaysia or
in countries where it had operations.
"For instance in Indonesia, we provide motorcycle financing to the rural
communities. Some people may not appreciate the importance of that but in the
context of Indonesia, the rural people use motorcycles to generate economic
activities, conduct small businesses and so on," he said.
Bank Negara's Muhammad, meanwhile, spoke about the potential and role of
Islamic finance in contributing to the global financial stability.
"The much-talked about issue -- that banking should return to its
fundamental functions of providing financial services which add value to the
real economy -- represents the very principle of Islamic finance. That explains
its relative resilience during the (recent) crisis," he said.
Islamic finance, currently worth US$1 trillion and growing at a rate of 15
to 20 per cent annually, had evolved to become "a complete and competitive form
of financial intermediation" that served both Muslim and non-Muslim consumers
and businesses, he added.
He told the forum that exceptional growth in Islamic finance was registered
not only in the Muslim world, but also across the western world and the
Asia-Pacific region.
The forum later adopted a statement, calling on leaders to, among other
things, continue the efforts to promote business-friendly environment, restore
financial stability and promote greater financial integration.
-- BERNAMA
BRUSSELS, Oct 7 (Bernama) -- Amid the flurry of activity involving leaders of Asia and Europe at the Asia-Europe Meeting (Asem) Summit, which ended on Tuesday, business leaders of member countries gathered for a session of their own, developing recommendations for the leaders.
Parallel to the summit was the Asia-Europe Business Forum where Maybank
President and Chief Executive Officer Seri Abdul Wahid Omar and Bank
Negara (Malaysia's centrla bank) Deputy Governor Muhammad Ibrahim were among the
speakers.
Abdul Wahid told Malaysian journalists covering the summit here that he
shared Malaysia's experience at the forum and spoke about sustainable financing
as well as sustainable development.
He told the forum that although the concept of sustainable development was
more prevalent in the West, such awareness had "definitely landed in Asia."
For instance, he said, Malaysia embraced sustainability and made it one of
the three pillars of the New Economic Model which was unveiled by Prime Minister
Najib Tun Razak in March.
The other two pillars are high income and inclusiveness.
"While Malaysia aspires towards greater economic development, it also wants
to ensure that the environment is an ally and not a victim," said Abdul Wahid,
who attended the forum for the first time.
He also spoke of Maybank's experience and told the session that the bank,
which is Malaysia's biggest lender by assets -- amounting to US$100 billion,
had been consistently playing the role as the mobiliser of funds towards
productive sectors.
In the context of social development, he said the bank was looking at
corporate responsibility and supporting micro financing, either in Malaysia or
in countries where it had operations.
"For instance in Indonesia, we provide motorcycle financing to the rural
communities. Some people may not appreciate the importance of that but in the
context of Indonesia, the rural people use motorcycles to generate economic
activities, conduct small businesses and so on," he said.
Bank Negara's Muhammad, meanwhile, spoke about the potential and role of
Islamic finance in contributing to the global financial stability.
"The much-talked about issue -- that banking should return to its
fundamental functions of providing financial services which add value to the
real economy -- represents the very principle of Islamic finance. That explains
its relative resilience during the (recent) crisis," he said.
Islamic finance, currently worth US$1 trillion and growing at a rate of 15
to 20 per cent annually, had evolved to become "a complete and competitive form
of financial intermediation" that served both Muslim and non-Muslim consumers
and businesses, he added.
He told the forum that exceptional growth in Islamic finance was registered
not only in the Muslim world, but also across the western world and the
Asia-Pacific region.
The forum later adopted a statement, calling on leaders to, among other
things, continue the efforts to promote business-friendly environment, restore
financial stability and promote greater financial integration.
-- BERNAMA
