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Tuesday, 2 June 2009

Malaysia, IDB Members To Work On Enhancing Islamic Finance Skills

KUALA LUMPUR, June 2 (Bernama) -- Malaysia is willing to work closely with the Islamic Development Bank (IDB) and its member countries to enhance skills in Islamic Finance through its two established bodies; International Center for Islamic Finance and International Shari'ah Research Academy for Islamic Finance.

In making the offer, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said these institutions offered the platform for greater engagement amongst practitioners, scholars, regulators and academicians through research.

It also acts as repository of knowledge for fatwas on contemporary issues.

"I strongly believe, that together, we can achieve our dream to expand the influence of the Islamic finance throughout the world, for the benefit of the global community," he said in his speech during the 34th Annual Meeting of the Islamic Development Bank Board of Governors in Ashgabat, Turkmenistan.

His text of speech was mailed to Bernama here Tuesday.

Ahmad Husni said the Year 2008/2009 would be marked in history as one of the world's darkest period.

Concerns of the swine flu becoming a pandemic had renewed fears on the health of the global economy, he said.

In this challenging time, he said IDB must play a bigger role, particularly to assist the low income member countries in facing this hardship and to eventually escape poverty by accelerating the delivery process.

According to him, the global economic crisis has shown that the capitalist nature of the western capital market system had some serious flaws, causing the loss of confidence towards the financial market.

Despite numerous efforts carried out by global leaders, he said the crisis has not been resolved yet.

"Therefore IDB is in an excellent position to promote Islamic capital market as a viable alternative. I commend the effort initiated by IDB in having special joint task on prospering and fostering the Islamic banking," he said.

Husni said this noble knowledge of scholars and experienced skills of bankers need to be merged in order to create new "Financial Renaissance" led by Islamic countries.

On another note, Husni said: "We are heartened by the report of the implementation of the Vision 1440H and welcome the idea of economic and strategic partnership forum among IDB member countries as stated in the updated implementation of the Vision 1440H."

He said now was the time IDB member countries stood together and worked closely in facing the global crisis.

Malaysia as the key contributor to the development of the Vision 1440H, would like to offer partnership in transferring the knowledge of Malaysian success to the IDB member countries, he added.

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