Malaysia maintains position as Islamic Finance global leader

Malaysia has maintained its position as the global leader in Islamic finance and the sector has matured to become vibrant with a diverse set of industry players, said Deputy Finance Minister Datuk Amiruddin Hamzah. He said Malaysia continued to be the main driver for the sukuk market and represented 51 per cent of the US$396 […]

Malaysia has maintained its position as the global leader in Islamic finance and the sector has matured to become vibrant with a diverse set of industry players, said Deputy Finance Minister Datuk Amiruddin Hamzah.

He said Malaysia continued to be the main driver for the sukuk market and represented 51 per cent of the US$396 billion of total global outstanding sukuk last year, while continuing to lead in Islamic wealth management industry with 36.5 per cent of the global share as at end-2017.

“Since its inception over 30 years ago, Islamic finance has become more vibrant with diverse set of industry players which included legal, accounting, technology and rating companies, as well as commodity trading platforms.

“The financial institutions and professional ancillary service providers in Malaysia have vast experience and are instrumental in facilitating the growth of the industry beyond our national border,” he said in his opening address at the Global Islamic Finance Forum 2018 in Kuala Lumpur on Wednesday.

“Malaysia also spearheaded a number of innovative developments in Islamic finance, with the aim to spur the vibrancy of this thriving industry, such as the issuance of the first Sustainable and Responsible Investment Sukuk (SRI) and Green Sukuk, the launch of the Investment Account Platform (IAP) and development of the Waqf Fund to develop the Muslim economy,” he said. (bernama.com)