World Economy

Malaysia Developing Int’l Islamic Financial Center

Malaysia Developing Int’l Islamic Financial CenterMalaysia Developing Int’l Islamic Financial Center

The government uses effective approach and adopts efficient and integrated structure to develop Malaysia as an international Islamic financial center, said deputy finance minister, Datuk Chua Tee Yong.

He said the approach was due to the strong cooperation among various ministries, agencies, private sector and other stakeholders via the Malaysia International Islamic Financial Committee chaired by Bank Negara Malaysia governor, Bernama reported.

“The MIFC executive council acts as a coordinating body and is responsible for the direction of the industry. It will also ensure effectiveness and efficiency in the implementation of collective initiatives,” he said.

Chua said the exco would also study the existing policies to ensure they were in line with the government’s and industry’s roles and responsibilities in the development of the Islamic financial center initiative.

He said this in reply to a question by Senator Datuk Dr Asyraf Wajdi Dusuki at Dewan Negara on Monday.

Asyraf Wajdi wanted to know whether the finance ministry has plans to develop the Islamic financial system in Malaysia by establishing ‘local centers’ as in Qatar, Bahrain, UK and Singapore.

Chua said the plan and strategic issues would be discussed by MIFC exco to facilitate the administration and smooth implementation of the MIFC initiative.

“The exco will also be strengthened with the establishment of MIFC Promotion Unit. Also, the home ministry and immigration department will help in the issuance of visas and work permits for Islamic banking experts,” he said.

The finance ministry and Inland Revenue Board would also play their roles by providing tax incentives to open international Islamic bank, sukuk publications by multinational companies, Islamic banking experts and non-resident investors, he said.