ID :
59345
Thu, 05/07/2009 - 11:29
Auther :
Shortlink :
https://www.oananews.org//node/59345
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ISLAMIC FINANCE INVESTORS CAN EXPECT THE BEST IN MALAYSIA
SINGAPORE, May 6 (Bernama) - Foreign investors can expect to get the best in terms of facilities and incentives when they invest in the growing Islamic financial banking and services in Malaysia, the country's top government bank official said.
Malaysia's Central Bank Deputy Governor Mohd Razif Abd Kadir gave this
assurance at a dialogue to showcase Malaysia's efforts in making the country as
a premier international Islamic financial centre.
The over 200 people in the dialogue are participants who will be attending
the 6th Islamic Financial Services Board (IFSB) Summit beginning here tomorrow.
Mohd Razif said Malaysia was the right place for business players who were
serious in wanting to engage in Islamic finance and business.
He said the country had developed a comprehensive Islamic financial system
to the extent that it could compete side by side with the conventional banking
system which had long been entrenched.
Foreign investors should also not be scared of the religious aspects of the
Islamic financial revolution "because we are not trying to transform the
conventional banks into Islamic banks", he added.
Mohd Razif said Malaysia offered a conducive and cost-efficient platform for
investors to come to Malaysia and to conduct international and domestic Islamic
finance business.
Apart from Malaysia being business-friendly and forward looking plus a
supportive government, he said there were a lot of opportunities for Islamic
finance and product innovations in the country.
The Deputy Governor said it was not easy to establish a country into an
international Islamic financial centre as it needed experience and the right
ambience or environment to create such a hub.
He said Syariah-compliance alone was not adequate as the banking industry
was a competitive one, and which needed its players to be innovative or their
Islamic bank clients would run away as they were not getting their fair share.
Thus, Mohd Razif said it was important for the Islamic finance players to
come up with products that could compete with their professional counterparts.
He also said Malaysia was not restrictive in its approach to Islamic finance
as it did not dictate how it should be run but let the market decide instead.
Mohd Razif said Malaysia would like to share its experience in Islamic
finance with others, and invite them to the country and together they could
drive Islamic finance to be one of the significant players in the international
mainstream business.
-- BERNAMA
Malaysia's Central Bank Deputy Governor Mohd Razif Abd Kadir gave this
assurance at a dialogue to showcase Malaysia's efforts in making the country as
a premier international Islamic financial centre.
The over 200 people in the dialogue are participants who will be attending
the 6th Islamic Financial Services Board (IFSB) Summit beginning here tomorrow.
Mohd Razif said Malaysia was the right place for business players who were
serious in wanting to engage in Islamic finance and business.
He said the country had developed a comprehensive Islamic financial system
to the extent that it could compete side by side with the conventional banking
system which had long been entrenched.
Foreign investors should also not be scared of the religious aspects of the
Islamic financial revolution "because we are not trying to transform the
conventional banks into Islamic banks", he added.
Mohd Razif said Malaysia offered a conducive and cost-efficient platform for
investors to come to Malaysia and to conduct international and domestic Islamic
finance business.
Apart from Malaysia being business-friendly and forward looking plus a
supportive government, he said there were a lot of opportunities for Islamic
finance and product innovations in the country.
The Deputy Governor said it was not easy to establish a country into an
international Islamic financial centre as it needed experience and the right
ambience or environment to create such a hub.
He said Syariah-compliance alone was not adequate as the banking industry
was a competitive one, and which needed its players to be innovative or their
Islamic bank clients would run away as they were not getting their fair share.
Thus, Mohd Razif said it was important for the Islamic finance players to
come up with products that could compete with their professional counterparts.
He also said Malaysia was not restrictive in its approach to Islamic finance
as it did not dictate how it should be run but let the market decide instead.
Mohd Razif said Malaysia would like to share its experience in Islamic
finance with others, and invite them to the country and together they could
drive Islamic finance to be one of the significant players in the international
mainstream business.
-- BERNAMA
