Financial Fraternity Should Woo Middle Eastern Surplus Funds Worth US$1 Trillion

KUALA LUMPUR, May 21 (Bernama) -- Venture capital and private equity players should attract large capital surpluses from Middle East countries to Malaysia, Minister in the Prime Minister's Department Nor Mohamed Yakcop said on Monday. He said the US$1 trillion surpluses currently sitting in the western financial centres should be brought into the country. "This can be done if industry players continuously upgrade and build world- class infrastructures to tap into these funds. "This is in line with Malaysia's aspiration to become a global hub for Shariah-compliant financing. "We must be at the forefront of knowledge acquisition and practices, innovation and technology application and able to deliver results that meet the Muslim world's needs," he said when opening the 4th International Islamic Venture Capital and Private Equity Conference 2012. -- BERNAMA