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Islamic Financial System Now A Viable Component

News From : DagangHalal.com (27 May 2009)

Higher Education Minister Datuk Seri Mohamed Khaled Nordin says the Islamic financial system has now emerged as a viable and strong component, complementing the conventional financial system.

He said that the robust progress achieved by the Islamic financial system in Malaysia had shown the way for its integration in the global market.

He also said that efforts undertaken at the international level to place the Islamic financial system as a credible component, would further help strengthen the development of Malaysia’s financial system.

“As an example, the establishment of the Islamic Financial Services Board and the International Islamic Financial Market in Kuala Lumpur to draft international regulatory standards based on the unique features and risks of Islamic banking institutions, will contribute towards ensuring the strength and stability of the Islamic financial system,” he said his speech at the International Conference on Islamic Economy at the Kolej Universiti Islam Antarabangsa Selangor (KUIS) here today.

The text of his speech was read by the Deputy Director-General of the Higher Education Department, Prof. Dr Reyhan Mustafa.

Khaled said Malaysia’s efforts towards creating the Global Halal Hub was also a step towards highlighting Islamic values in line with the current development of the global economy, which is witnessing an encouraging demand for halal products.

He said the halal products industry is a branch of global business that is growing at a fast pace, with a consumer market of 6,000 million globally and Malaysia in this regard, has been recognised by the United Nations as the best example worldwide.

Meanwhile, at the same function, KUIS signed a memorandum of understanding (MoU) with a number of educational institutions from Indonesia, Turkey and Kazakhstan.

The educational institutions are the Academy of Banking (Kazakhstan), the Islamic University of Europe (Turkey) and the Institut Studi Islam Darussalam Gontor, Universitas Andalas, Universitas Yarsi, UIN Syarif Hidayatullah, Jakarta, (Indonesia).

KUIS Rector Datuk Mohd Adanan Isman in his speech said the MoU created a network of smart cooperation in the educational field, the exchange of students and lecturers as well as knowledge growth.


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