KUALA LUMPUR, Malaysia, Oct. 30, 2013 /PRNewswire/ -- Malaysia's success in developing an Islamic Finance and Halal regulatory framework received plaudits from world leaders and the international business community gathered in London for the 9th World Islamic Economic Forum 2013.
Dato' Sri Mustapa Mohamed, Malaysia's Minister of International Trade and Industry (MITI) said, "Malaysia provides investors with an internationally-recognised Islamic finance framework, predicated on a robust regulatory infrastructure and highly-skilled and experienced talents in both the retail and investment banking sectors. We can be proud of the fact that Malaysia is a critical hub for global innovation in cutting edge Shariah-compliant products and services. The WIEF is the right platform to highlight Malaysia's success in developing a globalised methodology that has gained recognition from International Financial Hubs such as London."
The Minister's comments follow UK Prime Minister David Cameron's recent announcement that an Islamic Index will be launched on the London Stock Exchange alongside origination of sukuk as additional capital raising tools for the International Financial markets.
This year's edition of the WIEF also saw the signing of numerous Memorandums of Understanding by leading Malaysian financial institutions and property developers such as Lembaga Tabung Haji, Iskandar Investment Berhad and UM Land. It also saw the launch of Malayan Banking Berhad's dedicated Islamic asset management unit.
Malaysia's success in developing a vibrant and robust model of alternative finance has been rewarded with assets worth approximately USD1 trillion under management, supported by a growing eco-system of Shariah-compliant products and services, and development of attractive and friendly incentives for investors and financiers alike. Malaysia is also a hub and frontrunner in sukuk issue, amounting to over US$148 billion as of June 2013, representing 60.4% of total global sukuk.
The nation's leadership position also extends to consulting, monitoring, marketing and developing Halal products -- exporting more than USD4.46 billion worth of products and services in the first half of 2013 alone -- demonstrating its ambition to become one of the world's primary Halal hubs. Malaysia continues to spearhead efforts to grow the industry, led by the Halal Development Corporation (HDC), via initiatives such as its annual Malaysia International Halal Showcase (MIHAS) which attracts some 500 representatives from 55 countries to connect and carry out business networking.
Leveraging this established infrastructure, Malaysia looks at collaborating with international conventional finance hubs such as London and Hong Kong to facilitate global policy framework and further extend its success, experience and insights with the international community to meet the burgeoning global demand for Islamic finance, services and products.
More so in the area of Islamic services and products, Malaysia offers significant potential for investors, born from its cultural, ethnic and geographical diversity and complemented by a progressive yet moderate Islamic outlook. As a destination to live, work and play, it lives up to the promise of being a unique destination in the region where the best of Asia comes alive.
For more information or to get updates on Malaysia's participation at the World Islamic Economic Forum 2013, please visit www.malaysia.my.
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