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Eastern Region News

June 10, 2009 15:16 PM

Malaysia Confident Of Remaining The Worlds Largest Islamic Financial Centre

PASIR PUTEH, June 10 (Bernama) -- Malaysia is confident of remaining the world's largest and well known Islamic financial centre in the field of Islamic bonds or Sukuk, despite the current uncertain global economy.

Deputy Finance Minister Datuk Dr Awang Adek Hussin said at present the country is the largest issuer of Sukuk in the world which has a Muslim population of 1.5 billion.

"We were the pioneers and are still at the forefront in continuing to play a key role in efforts to expand the banking system and takaful," he told reporters after officiating the annual meeting of the Pasir Puteh UMNO Division branches here last night.

Awang Adek said the confidence was based on several factors, including efforts being undertaken by Bank Negara and the Securities Commission (SC)in emphasising this direction and at the same time, the increasing global interest in and demand for Islamic financial products.

He said that in addition, the country too was working to create a network and promotion system between Islamic financial centres, including those in the Middle East.

Awang Adek also highlighted that the per capita income of the poorest Muslims in Malaysia was between RM300-RM400, when compared to most Islamic countries where it was just RM120 a month.



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