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Malaysia’s Najib Says Islamic Finance Can Play Bigger World Role

May 25 (Bloomberg) -- Malaysian Prime Minister Najib Razak said Islamic finance can play a greater role in the global financial system following Japan’s record March earthquake and tsunami that caused as much as 25 trillion yen ($305 billion) in estimated damages. He spoke in a speech today in Tokyo.

“As one of the fastest-growing industries, Islamic finance has a potential to play a more important role in the global financial system in this post-crisis era. Islamic finance has demonstrated its capacity to undertake project financing.”

On Asian economic cooperation:

“It is vitally important for Asian countries to continue to cooperate through regional architecture and institutions to ensure together we emerge as an even stronger player in the world economy.”

On the Association of Southeast Asian Nations’ economic community:

“Malaysia is fully committed to the achievement of a viable and substantial Asian Economic Community by 2015. We’re proud to be one of the driving forces behind this initiative and we will continue to look at broadening and deepening it well beyond 2015.”

To contact the reporter on this story: Sachiko Sakamaki in Tokyo at Ssakamaki1@bloomberg.net;

To contact the editor responsible for this story: Peter Hirschberg in Hong Kong at phirschberg@bloomberg.net

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