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Friday, 31 August 2007

Islamic finance in Malaysia

Malaysia is well regarded by the international financial community as one of the leading Islamic financial centers. Concerted efforts by the Government and industry players are undertaken to enhance this position and continue developing and nurturing Islamic banking and finance. To further strengthen Malaysia's position as an international Islamic financial centre, the Malaysian Government has recognized the need to create a more vibrant, innovative and competitive international Islamic financial services industry in Malaysia. On 14 August 2006, the Malaysian Government launched an initiative known as the Malaysia International Islamic Financial Centre or MIFC. MIFC comprises a diversified range of financial institutions operating from anywhere in Malaysia which offer Islamic financial products and services in any currency to non-residents and residents. The MIFC initiative will be supported by high-caliber human capital, a world-class financial infrastructure and practices that meet the best international standards.
Under the MIFC initiative, Malaysia aims to be:
- Center for origination, distribution as well as trading of Islamic treasury and capital market instruments;
- Center for Islamic fund and wealth management services;
- Centre for international currency Islamic financial services (including deposits and financing);
- Center for takaful and retakaful;
- Center for Islamic finance education, training, consultancy and research.

(TCP, 31 Aug 07)

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