KUALA LUMPUR, Nov 18 – Malaysia is well-positioned as a regional gateway for Islamic investments in the Asia-Pacific region, said Second Finance Minister Tan Sri Nor Mohamed Yakcop.
“We also have strong linkages with the Middle East and other Asian markets to support trade flows between Asia and the Gulf States and to intermediate intra-regional capital flows and investment opportunities,” he said in a speech at the KLIFF Islamic Finance Award 2008 here this evening.
The challenge, therefore, is to further strengthen syariah compliance while continuing with the efforts on developing a wide range of products and services to meet the changing requirements of a highly dynamic and rapidly evolving environment.
These efforts when diligently pursued will enhance Malaysia’s attractiveness and leadership in the global Islamic financial market, he said.
Against the backdrop of the ongoing global financial crisis, he said, Islamic finance was
also clearly providing a more equitable and risk-averse alternative to the conventional approach.
This would contribute towards greater global financial stability, he said.
Given the uncertainties in the financial environment, the global financial community is increasingly seeking new avenues to spread their investment and business risks and to search for new asset classes in markets that provide greater resilience and this is where there is potential role for Islamic finance, he said.
The pillar of Islamic finance lies in the syariah principles which not only emphasise underlying assets but also ethical values, including socially responsible investment, fair trade and good governance and transparency.
“I believe these characteristic of Islamic financing, along with the necessary regulatory framework governing transparency for trading and fund management, have mitigated and helped cushion Malaysia’s financial system from the shocks of the global financial crisis,” he added.
He said the Islamic financial services industry has now emerged as a viable new asset class for investors and advanced to become an increasingly integral component of the international financial system.
Today, the total assets of the global Islamic financial system has surpassed one trillion US dollars, about five times larger than what they were five years ago.
Islamic finance has also been among the fastest growing financial segments, with an estimated annual growth of 20 per cent, the minister said. – Bernama
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