ISLAMIC FINANCIAL SYSTEM NOW A VIABLE COMPONENT

BANGI (Malaysia), May 26 (Bernama) -- Higher Education Minister Mohamed
Khaled Nordin says the Islamic financial system has now emerged as a viable and
strong component, complementing the conventional financial system.

He said that the robust progress achieved by the Islamic financial system
in Malaysia had shown the way for its integration in the global market.

He also said that efforts undertaken at the international level to place the
Islamic financial system as a credible component,would further help strengthen
the development of Malaysia's financial system.

"As an example, the establishment of the Islamic Financial Services Board
and the International Islamic Financial Market in Kuala Lumpur to draft
international regulatory standards based on the unique features and risks of
Islamic banking institutions, will contribute towards ensuring the strength and
stablity of the Islamic financial system," he said his speech at the
International Conference on Islamic Economy at the Kolej Universiti Islam
Antarabangsa Selangor (KUIS) here Tuesday.

The text of his speech was read by the Deputy Director-General of the Higher
Education Department, Prof. Dr Reyhan Mustafa.

Khaled said Malaysia's efforts towards creating the Global Halal Hub was
also a step towards highlighting Islamic values in line with the current
development of the gobal economy,which is witnessing an encouraging demand for
halal products.

He said the halal products industry is a branch of global business that is
growing at a fast pace, with a consumer market of 6,000 million globally and
Malaysia in this regard, has been recognised by the United Nations as the best
example worldwide.

Meanwhile, at the same function, KUIS signed a memorandum of understanding
(MoU)with a number of educational institutions from Indonesia, Turkey and
Kazakhstan.

The educational institutions are the Academy of Banking (Kazakhstan), the
Islamic University of Europe (Turkey) and the Institut Studi Islam Darussalam
Gontor, Universitas Andalas, Universitas Yarsi, UIN Syarif Hidayatullah,Jakarta,
(Indonesia).

KUIS Rector Mohd Adanan Isman in his speech said the MoU created a
network of smart cooperation in the educational field, the exchange of students
and lecturers as well as knowledge growth.
-- BERNAMA