ID :
342237
Tue, 09/23/2014 - 12:41
Auther :

Islamic Banking Industry Should Include The Poor, Says Don

NILAI (Negeri Sembilan, Malaysia), Sept 23 (Bernama) -- Although the Islamic banking share of Malaysia's banking sector has grown from six per cent in 2000 to 25 per cent this year, the industry needs to take more meaningful steps to benefit the poor, says an academic. "The issue now is people are saying Islamic banking is costly and does not really help low-income groups, and what has not been stressed is how the poor can get Islamic banking products," Universiti Sains Islam Malaysia (USIM) Economics and Muamalat Faculty Dean Assoc. Prof. Dr. Amir Shaharuddin said. He was speaking to reporters after the launch of the Islamic Banking, Accounting and Finance Seminar 2014 by Bank Negara Malaysia Islamic Banking and Takaful Department Director Wan Mohd Nazri Wan Osman. Amir said although microfinance is still new in this country with many people still borrowing from illegal moneylenders, in Indonesia, Sudan, Bangladesh and Pakistan it has given the poor a chance to take part in the Islamic banking system. He said many wakaf funds and parcels of wakaf land in Malaysia are not effectively managed, and the full potential of wakaf assets has yet to be realised. The situation could improve with with more professional management, he said, citing the substantially higher zakat collection now with better management. The two-day seminar organised by the faculty has attracted some 80 participants including from Libya, Jordan, Egypt, Nigeria and Indonesia. -- BERNAMA

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