Malaysia Consistently A Top Islamic Finance Destination
Malaysia has consistently emerged as one of the leading Islamic finance destinations, particularly in the Islamic banking, Sukuk and Islamic equities markets, said Tan Sri Muhyiddin Yassin.
The Deputy Prime Minister said Malaysia has played a significant role in bringing the Islamic financial system to the international stage.
“This has been acknowledged by the international community including countries like Sudan, Tunisia, India and Japan,” he said in his closing speech at the Malaysian Unit Trust Week (MSAM) 2014 here Sunday
He said efforts to empower Islam as a ‘syumul’ (comprehensive) belief system covering all aspects including the economy, administration, education and the judiciary have been an important government agenda since Merdeka.
“All approaches and channels have been used in an integrated and planned manner beginning with education right through to enforcement of the laws, without neglecting the freedom or rights of other religions,” he said.
He said empowering Islamic finance has become one of the focus areas of the government in efforts to drive the country’s development.
“The level of sophistication of Malaysia’s Islamic finance marketplace now is due to the integrated efforts of Bank Negara Malaysia and Securities Commission Malaysia, Syariah scholars and the Islamic finance community such as the Malaysian International Islamic Financial Centre, International Shariah Research Academy for Islamic Finance and Association of Syariah Advisors,” he added.
Echoing Prime Minister Datuk Seri Najib Tun Razak’s MSAM 2014 opening speech last Sunday, Muhyiddin said Malaysia continues to be a global leader in the sukuk market, accounting for some RM267.02 billion, or 68.8 per cent of the total international sukuk isuances, last year.