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Thursday, 5 July 2007

Malaysia's Islamic Financial System Strong


Malaysian Prime Minister Datuk Seri Abdullah Ahmad Badawi said the Islamic financial system in Malaysia was at a very strong and stable position both at the domestic and international levels. He said at the domestic level, the contribution of the Islamic financial system to the country's Gross Domestic Product had increased."The Islamic banking system has become part of the country's primary financial flow, taking 12.2 per cent of domestic financial capital market with assets worth RM133 billion."Takaful (Islamic insurance) meanwhile took up 6.1 per cent with total assets valued at RM6.9 billion," he said in a written reply to a question from Datuk Abdul Rahim Bakri. Abdul Rahim called on the Prime Minister in his capacity as Finance Minister to provide a brief on the progress reached so far to make Malaysia as the most important Islamic financial hub in the world. Abdullah said in the international market, Malaysia was the largest issuer of sukuk in the world with 67 percent of the total sukuks yet to be redeemed."Malaysia is also a pioneer in the international stage with the issue of sovereign Islamic bonds worth USD600 million and 51 per cent of the issues were subscribed by investors from the Middle East."Investors from Europe and the US took up 19 per cent while Asian investors took the rest," Abdullah said.Several countries wishing to learn the system have also adopted Malaysia's Islamic financial system as the model."The confidence shown by investors and financial institutions to set up base in the country is itself a significant success for the country's Islamic financial system," he said. Abdullah said the establishment of the International Centre for Education in Islamic Finance (INCEIF) was the first institution in the world offering professional accreditation which is the Certified Islamic Finance Professional. - (BERNAMA, 4 July 07)

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