FOCUS ON HALAL, FINANCE INDUSTRIES
13th WIEF to serve as platform to formulate standard global framework
THE upcoming 13th edition of the World Islamic Economic Forum (13th WIEF) will serve as a comprehensive platform for participating nations to deliberate the future of the global halal and Islamic finance industries.
WIEF Foundation secretarygeneral Tan Sri Ahmad Fuzi Abdul Razak said the impact of the Fourth Industrial Revolution, apart from the need to formulate a standard framework to develop the halal industry, and the syariah-compliant banking sector would take centre-stage during the three-day forum.
The establishment of a common framework, he said, was “extremely important” not only to make the halal industry more viable, but also to accelerate Islamic banking expansion in Muslims and non-Muslim countries.
“It is a work in progress, since the standard adopted by countries may differ from one another in terms of syariah-compliance.
“In Malaysia, the Islamic Development Department (Jakim) has been assigned to establish the standard in mapping the halal industry, not only in food production, but also other related areas.
“The standard laid out by Jakim has received worldwide recognition from Muslim and non-Muslim nations alike, including China.
“We hope with this forum as a platform, the Malaysian standard will eventually be recognised as the world international standard,” said Fuzi in a special interview with Media Prima Bhd, the official media partner for the 13th WIEF.
Fuzi said Malaysia was capable of playing a leading role in the development of Islamic banking and finance, a sector that has been continuously championed by the forum since its inception 13 years ago.
Malaysia, he said, had introduced a policy which had helped spur the growth and expansion of the Islamic banking sector in the country.
“In Malaysia, a financial institution can offer conventional and Islamic banking under one roof. “For instance, Malayan Banking Bhd has about 400 branches nationwide, with each branch able to provide both types of banking services.
“This is not the case for some countries, especially member nations of the Organisation of Islamic Cooperation (OIC), which impose the requirement of having separate entities to differentiate conventional and Islamic banking,” he said.
Prime Minister Datuk Seri Najib Razak will open and deliver his keynote address at this year’s forum, which begins on Nov 21. Other world leaders expected at the forum include Indonesia’s President Joko Widodo, Morocco’s Prime Minister Saad Eddine El Othmani, President of the Union of the Comoros Azali Assoumani and Ghana’s Vice-President Dr Mahamudu Bawumia.