ID :
31109
Wed, 11/19/2008 - 17:14
Auther :
Shortlink :
https://oananews.org//node/31109
The shortlink copeid
MALAYSIA WELL POSITIONED AS GATEWAY FOR ISLAMIC FINANCE IN ASIA PACIFIC
KUALA LUMPUR, Nov 19 (Bernama) -- Malaysia is well-positioned as a regional gateway for Islamic investments in the Asia-Pacific region, said Second Finance Minister Nor Mohamed Yakcop.
"We also have strong linkages with the Middle East and other Asian markets
to support trade flows between Asia and the Gulf States and to intermediate
intra-regional capital flows and investment opportunities," he said in a speech
at the KLIFF Islamic Finance Award 2008 here Tuesday evening.
The challenge, therefore, is to further strengthen syariah compliance while
continuing with the efforts on developing a wide range of products and services
to meet the changing requirements of a highly dynamic and rapidly evolving
environment.
These efforts when diligently pursued will enhance Malaysia's
attractiveness and leadership in the global Islamic financial market, he
said.
He said against the ongoing global financial crisis, Islamic finance was
also clearly providing a more equitable and risk averse alternative to the
conventional approach.
This would contribute towards greater global financial stability,
he said.
Given the uncertainties in the financial environment, the global financial
community is increasingly seeking new avenues to spread their investment and
business risks and to search for new asset classes in markets that provide
greater resilience and this is where there is potential role for Islamic
finance, he said.
The pillar of Islamic finance lies in the syariah principles which not only
emphasize underlying assets but also ethical values, including socially
responsible investment, fair trade and good governance and transparency.
"I believe these characteristic of Islamic financing, along with the
necessary regulatory framework governing transparency for trading and fund
management, have mitigated and helped cushion Malaysia's financial system from
the shocks of the global financial crisis," he added.
He said the Islamic financial services industry has now emerged as a viable
new asset class for investors and advanced to become an increasingly integral
component of the international financial system.
Today, the total assets of the global Islamic financial system has
surpassed one trillion US dollars, about five times larger than what they were
five years ago.
Islamic finance has also been among the fastest growing financial segments,
with an estimated annual growth of 20 percent, the minister said.
"We also have strong linkages with the Middle East and other Asian markets
to support trade flows between Asia and the Gulf States and to intermediate
intra-regional capital flows and investment opportunities," he said in a speech
at the KLIFF Islamic Finance Award 2008 here Tuesday evening.
The challenge, therefore, is to further strengthen syariah compliance while
continuing with the efforts on developing a wide range of products and services
to meet the changing requirements of a highly dynamic and rapidly evolving
environment.
These efforts when diligently pursued will enhance Malaysia's
attractiveness and leadership in the global Islamic financial market, he
said.
He said against the ongoing global financial crisis, Islamic finance was
also clearly providing a more equitable and risk averse alternative to the
conventional approach.
This would contribute towards greater global financial stability,
he said.
Given the uncertainties in the financial environment, the global financial
community is increasingly seeking new avenues to spread their investment and
business risks and to search for new asset classes in markets that provide
greater resilience and this is where there is potential role for Islamic
finance, he said.
The pillar of Islamic finance lies in the syariah principles which not only
emphasize underlying assets but also ethical values, including socially
responsible investment, fair trade and good governance and transparency.
"I believe these characteristic of Islamic financing, along with the
necessary regulatory framework governing transparency for trading and fund
management, have mitigated and helped cushion Malaysia's financial system from
the shocks of the global financial crisis," he added.
He said the Islamic financial services industry has now emerged as a viable
new asset class for investors and advanced to become an increasingly integral
component of the international financial system.
Today, the total assets of the global Islamic financial system has
surpassed one trillion US dollars, about five times larger than what they were
five years ago.
Islamic finance has also been among the fastest growing financial segments,
with an estimated annual growth of 20 percent, the minister said.
