‘Malaysia remains sukuk mart leader’
KUALA LUMPUR: 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 in the sukuk market, representing 51 per cent of the US$396 billion of total global outstanding sukuk last year.
It also continued to lead in Islamic wealth management industry with 36.5 per cent of the global share at end of last year.
“Since its inception more than 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 at the Global Islamic Finance Forum 2018, here, yesterday.
“Malaysia also spearheaded a number of innovative developments in Islamic finance, with the aim of spurring the vibrancy of the thriving industry, such as the issuance of the first sustainable and responsible investment sukuk and green sukuk, the launch of the Investment Account Platform and development of the Waqf Fund to develop the Muslim economy,” he said.
Last year, Bank Negara Malaysia issued a strategic paper on value-based intermediation (VBI), which articulated strategies to enhance the roles and impact of Islamic banks towards a sustainable financial ecosystem.
Amiruddin said the industry’s moved towards embracing VBI would further strengthen Malaysia’s leadership position, and advanced the growth of Islamic finance towards generating positive, sustainable impact to the economy, community and environment.
“The growth momentum will be supported by sustained global growth and trade momentum, private spending and household spending,” he said.
The growth momentum will be supported by sustained global growth and trade momentum, private spending and household spending. DATUK AMIRUDDIN HAMZAH
Deputy Finance Minister