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KL seeks global standards on Islamic banking

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Points of Essence:

  • Malaysia advocates issuance of global standards for Islamic banking with a preliminary meeting to be held in Kuala Lumpur soon to discuss the initiative. The Star has the report.

DOHA (Qatar): Malaysia has proposed a meeting be held to set up global standards for Islamic banking and finance, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.

Abdullah said he had discussed this with Qatar Prime Minister Sheikh Hamad Jassem Jabor Al-Thani during meetings yesterday and had proposed for the first meeting to be held in Kuala Lumpur.

“We had asked that more attention be given to Islamic banking, considering its acceptance in the world now. The first meeting would be held among experts from countries that have Islamic banking sectors.”

Abdullah said that with a global standard, problems that arose could be solved with a common approach and that it would also eliminate confusion.

“There could be confusion when there are Islamic banks in different countries having different principles or practices,” he said, adding that the advantage for Islamic banks was that they had not been affected by the economic crisis.

Abdullah said the issue of making joint investments in a third country in industries such as agriculture and halal products was also discussed with Qatar, adding that both countries agreed it was important to work together to increase trade.

Trade volume as of November 2008 with Qatar stood at US$503.8mil (RM1.8bil).

On the Palestine issue, Abdullah said the sooner Hamas and Fatah worked together the better it will be for the future of the state.

“Palestine is small and can’t be split into two parts. The strength of negotiations later will depend on the strength of one party that represents the state and people,” he said.

He hoped that efforts to join forces and reconcile to form a government of national unity would be supported.

Later during his keynote speech at a business forum organised by the Malaysian External Trade Development Corporation, Abdullah invited Qatar businessmen to invest in Malaysia, citing the availability of opportunities in the economic corridors such as Iskandar Malaysia.

He also said he was happy with the strong presence of Malaysian companies in Qatar with projects totalling more than US$3bil (RM11bil).

These include projects being carried out by Sime Darby Engineering, UEM Builders, Gamuda Berhad, Muhibbah Engineering and the Holiday Villa Hotel Group.

Source: thestar.com.my

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Written by Suapi Shaffaii

January 22, 2009 at 2:57 pm

One Response

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  1. This is the real time for our Islamic Scholars to sit down and set up a Global Islamic Banking and Finance Systems.
    From the recent past – quite a good number of Islamic Countries are experiencing Islamic Banking in a very nice way. Undoutedly – room are there to mnake it perfect. In the current fall out of Captialism – a right time has emerged for our seroiuus Islamic Scholars to come up with a Global Islamic Financial and Banking Systems.

    viqar amani

    January 22, 2009 at 4:12 pm


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