News From : DagangHalal.com (22 Apr 2010)
KUALA LUMPUR, April 22 (Bernama) — The Malaysia International Islamic Financial Centre (MIFC) is organizing a road show to United Arab Emirates (UAE) and Saudi Arabia starting next week to further promote Malaysia as a global Islamic financial hub.
The more-than-50-member delegation comprising regulators, fund managers and other industry players will be led by the Raja Muda of Perak Raja Dr Nazrin Shah, who is MIFC Financial Ambassador.
The road show, from April 26 to May 2, is MIFC’s third to the Middle East since 2008. It is also a follow-up to Prime Minister Datuk Seri Najib Tun Razak’s visit to Abu Dhabi and Saudi Arabia in January this year.
Bank Negara Malaysia Deputy Governor Datuk Mohd Razif Abd Kadir, who will be among the key regulators in the delegation, said the road show would provide a networking platform between the MIFC community and stakeholders in UAE and Saudi Arabia.
UAE and Saudi Arabia, which are the biggest economies among GCC (Gulf Cooperation Council) countries, are potential markets for MIFC players eyeing to expand their international business, he said.
“An enhanced cross-border flow of funds will allow for a more efficient allocation of funds across borders and facilitate trade between Malaysia and the UAE/Saudi Arabian markets,” he told Bernama recently.
He said MIFC players should seize this opportunity to seek potential partners for possible ventures in UAE or Saudi Arabia and Malaysia, as well as to strengthen their positions as players in Islamic finance.
Razif said the potential growth in these markets provides an opportunity for global integration of Islamic finance as Malaysia can offer these markets with an enabling platform to conduct Islamic finance business activities.
“The enhancement of economic and trade interlink ages between UAE/Saudi Arabia and Malaysia will provide opportunities for Islamic finance players from Malaysia to offer financing, fund-raising and other services,” said the deputy central bank governor.
UAE was Malaysia’s 14th largest trading partner globally and the largest trading partner in West Asia, accounting for 1.6 per cent of Malaysia’s global trade in 2009.
Bilateral trade with UAE has grown more than three-fold from US$1.159 billion in 2000 to US$4.587 billion last year.
Meanwhile, trade with Saudi Arabia increased by more than three-fold to US$1.923 billion last year from US$606.4 million in 1998.
Razif said the country aims to internationalize the Islamic financial community and its offerings through the MIFC initiative.
“Continual liberalization of the Islamic financial services sector allows for greater international participation to benefit from Malaysia’s value propositions in Islamic finance,” he said.
Among liberalization moves that have been taken include raising foreign equity stake in Islamic banks and investment banks from 49 per cent to 70 per cent.
MIFC was launched in 2006 as part of Malaysia’s initiative to globally integrate within the international Islamic financial community, and to position the country as an international Islamic financial centre.
Through road shows, MIFC has successfully created a bridge between MIFC players and their counterparts from the Gulf region, resulting in much strategic collaboration.
— BERNAMA