The aim is to counter growing competition in this industry from rising centres such as Dubai and Kuala Lumpur.
Hamid Yunis - head of the Global Islamic Finance Group at international law firm Taylor Wessing - told the Today programme: "Islamic finance is generally business dealings in accordance with Islamic principles.
"I think a good comparison is to those in the market who are playing in the ethical banking field."
"There are a number of principles, the most commonly known being no interest on business dealings - so money is invested, and interest is not charged."
"Also, the investments are designed not against speculation, against gambling - in line with the prohibition against gambling.
"And essentially, you know the asset you're going to be investing into, and the transaction you're going to be investing into."
(BBC News Business / 14 March 2013)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com