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Sunday, 2 September 2007

Malaysia losing experts in Islamic banking, finance: Prime Minister of Malaysia said

MALAYSIA is losing a lot of experts in Islamic banking and finance as they are being lured with attractive offers by other countries, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.
"As such, there is an immediate need for us to embark on a comprehensive training for our people on the industry," he told participants of the INCEIF Global Forum in Kuala Lumpur yestreday.Despite some achievements that Malaysia has garnered in the field of Islamic finance, Abdullah said he believes that there are still some areas which need to be addressed."For instance, we need to ensure the availability of sufficiently trained people for the industry."We need to encourage more institutions to practice Islamic finance. We need to introduce new Islamic financial products and instruments," he said.Moreover, he said as Islamic financial institutions remain small compared to conventional institutions, Malaysia needs to look towards how to enlarge and strengthen Islamic financial institutions.Abdullah identified three areas that need to be given immediate attention.They are differences in syariah interpretations in the application of Islamic finance; the ability to absorb external shocks; and developing human capital.Noting that differences in syariah interpretations in the application of Islamic finance must be resolved, Abdullah said these differences can have dire consequences if left unchecked as they can lead to rifts between the various players in the Islamic finance industry."Islamic financial institutions must also ensure that they are able to withstand any threat relating to systematic or external shocks."Today, more than ever before, there are growing reports of fraud in various forms involving commercial entities.Abdullah also said efforts to develop human capital for the Islamic financial industry must be intensifed.

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