Although Malaysia has done very well in the sukuk market, it has to seriously develop its capacity in other products and services that would command greater premiums not only within the domestic market but also in the foreign Islamic financial markets.
In making the call, Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said it was therefore a national duty for domestic institutions to champion this cause to their highest possible capability and take the industry to the highest level. Malaysia's brand name in the field of Islamic finance is well-established and the domestic institutions must capitalise on this strong platform, but it has to do more, he said in his speech at the Khazanah's Megatrend Forum 2010 here today.
For instance, he highlighted how asset management was a critical component to further secure the country's position as a premier international Islamic financial centre. The expansion of a syariah-compliant asset management industry will give impact and add value across the financial services sector, he said.
"The asset management industry can directly support as well as complement a number of sectors including the takaful industry, private equity, mutual funds, private wealth management, trust and wakaf," he said. He also cited Tabung Haji -- one of the world's first Islamic fund management institution, which should expand its capability to partner with foreign brand names, if it must. -- BERNAMA (Oct 4, 2010)
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