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Thursday, 7 August 2008

Islamic Banking Must Continue To Develop Innovative Products

KUALA LUMPUR, Aug 7 (Bernama) -- Islamic banking in Malaysia should focus on developing innovative products to accelerate its growth, said Furqan Research Sdn Bhd's director Prof Dr Malik Muhammad M Al-Awan.

He said the banks must re-look and focus their research to design new products.

It is also important to come up with products that are different and not invest in a new product for the sake of competition.

"For example, certain banks come out with a product to compete against other banks, but the product is no different," he told reporters at the 2008 Global Forum on Islamic Finance here today.

On the trend of the Islamic financial market, Malik Muhammad said there was so much liquidity in the market at the moment due to the up trend of commodity prices like oil.

He said most of the liquidity was invested in the banking system and it was a big challenge for Islamic banking to come out with new liquidity management services.

Total Islamic financial assets currently stand at US$675 billion and this is expected to reach US$1 trillion dollar by year-end, he said.

Malik Muhammad said Malaysia's Islamic banking would also continue to be a reference point for other countries like the U.S., U.K, Japan, Singapore and Hong Kong.

"Malaysia has the best model for other countries to follow as it has a perfect co-existent model in plural society," he said.

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