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Tuesday, 3 November 2009

Countries Will Find Their Niche In Islamic Banking

KUALA LUMPUR, Nov 3 (Bernama) -- Malaysia's first mover advantage in the Islamic banking and finance industry will remain intact, said Standard Chartered Saadiq's Chief Executive Officer, Afaq Khan.

Malaysia is a long-term player in the industry and it is very established, he said.

"It has a deep Muslim population. It has the most developed local currency capital market and robust time-tested regulatory environment and as such carries tremendous reputation. The over 30 years of experience cannot be shaken in one day," he said.

On Malaysia's position with the entry of new players, Afaz Khan said Malaysia was not losing out to anybody in the world of Islamic banking and finance despite United Kingdom, Hong Kong and France having joined the bandwagon.

For instance, he said conventional banking is taking place in every part of the world but everyone has a unique proposition.

"Similarly, over a period, the Islamic banking and finance industry will also look at the advantages in each country, namely in terms of skills and infrastructure that already exist," said Afaz Khan.

On other developments, he said demand for Sukuk is back.

"Investors' interest in the Sukuk did not diminish," he said, adding that the Sukuk Index has rallied significantly.

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