Friday, October 20, 2006

Malaysia set to become a global Islamic financial hub

Kuala Lumpur, Sept 12: Malaysia has successfully issued more than 70 per cent of the Islamic bonds in the global Islamic financial market, amounting to USD 41 billion, making it a potential global Islamic financial hub.

"At the global level, Malaysia was the largest issuer of Islamic bonds in the world," second Finance Minister Nor Mohamed Yakcop said.

"The success that we have achieved has given confidence to several foreign bond issuers to issue their bonds in the Ringgit currency and in the country's capital market," he said here yesterday.

Nor Mohamed said the government would continue to actively strengthen the country's position in order for it to become an International Islamic Financial Centre.

"We are confident that with our efficient financial infrastructure and regulatory framework that supports the development of the Islamic capital market, Malaysia would be able to achieve this objective," he said.

Towards this, more promotional efforts should be continued to be carried out, he said.

The assets of Islamic trust funds meanwhile have reached almost RM9 billion.

On the government's side, various incentives have been introduced to boost the development of the market, he said.

These incentives are expected to bring in the participation of more foreign and local investors in the Islamic capital market, he said.

Bureau Report

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