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Wednesday, 21 January 2009

Malaysia has proposed a meeting be held on setting up global standards for Islamic banking and finance

DOHA: Malaysia has proposed a meeting be held on setting up global standards for Islamic banking and finance.
Prime Minister Datuk Seri Abdullah Ahmad Badawi said he had discussed this with Qatar Prime Minister Sheikh Hamad Jassem Jabor Al-Thani during the Malaysian delegation’s meetings on Wednesday and had proposed the first meeting be held in Kuala Lumpur.
“We had asked that more attention be given to Islamic banking considering its acceptance in the world now.
“The first meeting would be held among experts from countries that have Islamic banking sectors,” he said.
Abdullah said that global standards would resolve problems with a common approach and also eliminate confusion.
“There could be confusion when Islamic banks in different countries have different principles or practices,” he said.
The Malaysian delegation also discussed with Qatari officials the possibility of both countries making joint investments in other countries in their agricultural and halal product industries.
Abdullah said that both countries agreed it was important to work together to increase trade. Malaysia’s trade volume with Qatar stood at US$503.8mil (RM1.8bil) as of November 2008.
Later during his keynote speech at a business forum organised by the Malaysia External Trade Development Corporation, Abdullah invited Qatari businessmen to invest in Malaysia, citing opportunities in the economic corridors such as Iskandar Malaysia.
He also noted that he was happy with the strong presence of Malaysian companies in Qatar with projects totalling more than US$3bil. These include projects being carried out by Sime Darby Engineering, UEMBuilders, Gamuda Berhad, Muhibbah Engineering and the Holiday Villa HotelGroup.
(The Star Malaysia)
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