langkawi magazine
Archives SECTION
Malaysia As Centre for Islamic Products
Malaysia must capitalise on its first mover advantage in Islamic financing and establish the country as the centre for international Islamic capital market.
Second Finance Minister Tan Sri Nor Mohamed Yakcop said Malaysia was now well placed to become an international focal point for innovation in Islamic capital market products.
'The high regard for Malaysia's capabilities in the Islamic capital market is reflected in the establishment, in Malaysia, of the Islamic Financial Services Board to serve as an international standard setting body,†he said.
Also, the minister said, the inaugural ringgit bond issue by the International Finance Corporation was based on Islamic financial principles. 'These underscore Malaysia's high standing within the global Islamic financial community.
Nor Mohamed said that while the acceleration in the growth of Islamic finance had been achieved, Malaysia needsed to further build on the momentum that had started.
'Industry players must be prepared to innovate, and be active in exploiting opportunities to develop commercially viable and liquid domestic markets in a wider range of Islamic products, such as property-based products and derivatives, to that meet the demands of increasingly sophisticated investors and issuers, both domestic and external,†he said.
Kuala Lumpur 26/01/2005
