Islamic financing is a growing global alternative to conventional financing that is gaining strength across Malaysia. Haslinda Amin discusses how Sharia is growing the Malaysian economy.
Saving money for the mandatory trip to Mecca formerly created poverty. In 1969, the state encouraged Muslims to invest in Tabung Haji. The Pilgrims Fund Board is a significant factor in the exponential growth of Malaysia's infrastructure.
The leading Malaysian airline uses Islamic financing because of high yields and stability when conventional markets fluctuate. Islamic financing requires more documentation than conventional financing.
The government-run Malaysian pension fund heavily invests in Islamic bonds. There are not enough Islamic bonds to allow investors to trade with immediacy at low costs. Global banks established the international Islamic Liquidity Management Corporation (ILM) to create Islamic products that have short-term liquidity.
Islamic financing is introduced to Ireland. The Malaysian government founded The International Center for Education in Islamic Finance (INCEIF). Despite tenets of social responsibility and ethical business, racial prejudice and Islamophobia remain obstacles to the progress of Islamic financing.
Credits: Kuala Lumpur: The Creation of Value
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The creation of value is a concept dear to Islam. According to Sharia principles, profit should be reinvested into tangible businesses, which in turn create further wealth within society. Sectors such as real estate and infrastructure are ideal. See how Sharia-compliant project financing is playing a pivotal role in developing some of Malaysia’s key industries. Interviewees include Air Asia CEO Aireen Omar, Tabung Haji CEO Datuk Ismee Ismail, Employees Provident Fund CEO Tan Sri Azlan Zainol, and INCEIF CEO Daud Vicary Abdullah.
Length: 21 minutes
Copyright date: ©2012
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