Malaysian Model of Islamic Finance and Halal Trade Gains International
Recognition at 2013 World Islamic Economic Forum
Nation's success in developing globalised Islamic Finance and Halal Industry
seen as model to tap into Trillion Dollar Market
KUALA LUMPUR, Malaysia, Oct. 30, 2013
KUALA LUMPUR, Malaysia, Oct. 30, 2013 /PRNewswire/ -- Malaysia's success in
developing an Islamic Finance and Halal regulatory framework received plaudits
from world leaders and the international business community gathered in London
for the 9th World Islamic Economic Forum 2013.
Dato' Sri Mustapa Mohamed, Malaysia's Minister of International Trade and
Industry (MITI) said, "Malaysia provides investors with an
internationally-recognised Islamic finance framework, predicated on a robust
regulatory infrastructure and highly-skilled and experienced talents in both
the retail and investment banking sectors. We can be proud of the fact that
Malaysia is a critical hub for global innovation in cutting edge
Shariah-compliant products and services. The WIEF is the right platform to
highlight Malaysia's success in developing a globalised methodology that has
gained recognition from International Financial Hubs such as London."
The Minister's comments follow UK Prime Minister David Cameron's recent
announcement that an Islamic Index will be launched on the London Stock
Exchange alongside origination of sukuk as additional capital raising tools
for the International Financial markets.
This year's edition of the WIEF also saw the signing of numerous Memorandums
of Understanding by leading Malaysian financial institutions and property
developers such as Lembaga Tabung Haji, Iskandar Investment Berhad and UM
Land. It also saw the launch of Malayan Banking Berhad's dedicated Islamic
asset management unit.
Malaysia's success in developing a vibrant and robust model of alternative
finance has been rewarded with assets worth approximately USD1 trillion under
management, supported by a growing eco-system of Shariah-compliant products
and services, and development of attractive and friendly incentives for
investors and financiers alike. Malaysia is also a hub and frontrunner in
sukuk issue, amounting to over US$148 billion as of June 2013, representing
60.4% of total global sukuk.
The nation's leadership position also extends to consulting, monitoring,
marketing and developing Halal products-- exporting more than USD4.46 billion
worth of products and services in the first half of 2013 alone--
demonstrating its ambition to become one of the world's primary Halal hubs.
Malaysia continues to spearhead efforts to grow the industry, led by the Halal
Development Corporation (HDC), via initiatives such as its annual Malaysia
International Halal Showcase (MIHAS) which attracts some 500 representatives
from 55 countries to connect and carry out business networking.
Leveraging this established infrastructure, Malaysia looks at collaborating
with international conventional finance hubs such as London and Hong Kong to
facilitate global policy framework and further extend its success, experience
and insights with the international community to meet the burgeoning global
demand for Islamic finance, services and products.
More so in the area of Islamic services and products, Malaysia offers
significant potential for investors, born from its cultural, ethnic and
geographical diversity and complemented by a progressive yet moderate Islamic
outlook. As a destination to live, work and play, it lives up to the promise
of being a unique destination in the region where the best of Asia comes
For more information or to get updates on Malaysia's participation at the
World Islamic Economic Forum 2013, please visit www.malaysia.my.
For media enquiries, please contact:
Nation Branding Division
Name: Zeckernain Pulle
Contact: +6(0) 016-682 6254
SOURCE Nation Branding Division
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