Former Prime Minister Tun Mahathir Mohahad influenced Malaysians to invest in infrastructure through Islamic financing. Suq Al-Sila is an Islamic international trading platform that is integrated into the Malaysian stock exchange. Suq Al-Sila facilitates Islamic liquidity management onshore and offshore.
Islamic banks find that non-Muslims appreciate the monetary potential of Islamic financing. Participants in takaful equally share both profit and risk. Non-Muslims are attracted by the profit-sharing and the mutual ownership of the funds.
With 20 million Chinese Muslims, the sukuk (Islamic bonds) market potential is huge, but education of Chinese investors is needed. Since Islamic finance is facilitated from various countries, there is no standardization of Sharia compliance. Future challenges for Islamic finance lie in regulation of Sharia finance laws, product innovation, and introduction to international markets.
Credits: Malaysia: The Global Hub
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Malaysia is the world’s leading hub for Islamic finance. It began in the 1960s with the creation of the Pilgrims Fund, an organization set up to make pilgrimages to Mecca more affordable. Today, the Malaysian sovereign pension fund – the second largest in Asia – invests more than $3 billion in Sukuks, or Islamic bonds. Interviewees include former Malaysian Prime Minister Tun Mahathir Mohamad, Bursa Malaysia CEO Dato’ Tajuddin Atan, CIMB Islamic CEO Badlisyah Abdul Ghani, and Khazanah Nasional CEO Mohd Izani Ghani.
Length: 21 minutes
Copyright date: ©2012
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