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Last Updated: Sep 25th, 2006 - 11:36:04 |
D-8 Should Spearhead Islamic Financing, Says PM
By Mohd Nasir Yusoff
NUSA DUA (Bali), May 13 (Bernama) -- Datuk Seri Abdullah Ahmad Badawi welcomes all Developing Eight (D-8) member countries to share and tap on Malaysia's experience in Islamic financial services industry.
This would enable the grouping of the most populous Muslim countries to spearhead the industry's growth and development, the Malaysian Prime Minister said here Saturday.
He said that the industry would be one area that Muslim countries should capitalise on especially with Muslims numbering 1.8 billion people around the globe, coupled with a ready market for Islamic financial services in commercial activities.
Malaysia has seen steady progress in the Islamic financial services industry and there is definitely much prospects for its further growth and development throughout the world, he said in a presentation session by Heads of State/Government at the opening of the Fifth D-8 Summit at the Bali International Convention Centre here.
The Summit, opened by Indonesian President Susilo Bambang Yudhoyono, was also attended by Iranian President Dr Mahmoud Ahmadinejad, Nigerian President Olesegun Obasanjo, Pakistani Prime Minister Shaukat Aziz and Turkish Prime Minister Recep Tayyip Erdogan.
Bangladesh was represented by its Foreign Minister Morshed Khan while Egypt by its Minister for International Cooperation Fayza Aboulnaga.
Abdullah said that Islamic financial services that was first developed as an alternative form of financing had, within a span of 40 years, grown into a viable and vibrant tool of financing and already it was being practised in over 60 countries including the major world economies.
Malaysia is leading the grouping's finance committee.
The Prime Minister also informed the body of the establishment of the International Centre for Education in Islamic Banking (INCEIF) in Malaysia, which was launched last March and called on all D-8 countries to take the opportunity offered by INCEIF.
He said INCEIF had a two-pronged objective, namely, to produce Islamic finance professionals and expertise to address the human capital needs of the rapidly expanding industry and to be at the forefront in developing innovative Islamic financial products.
The governing council of INCEIF comprised experts and scholars in their respective fields, he said, adding that Malaysia wanted the D-8 countries to work together not only towards enhancing their respective capacities in Islamic finance but also to jointly spearhead the further growth of the sector.
Abdullah said Malaysia, taking cognisance of the vast potential of halal product and services, has also embarked on a programme to make the country a halal hub for the production and distribution of halal products and services.
"Based on simple calculation and by looking at the per capita expenditure on food among the Muslim population around the world, we estimate that the halal food market is worth at least US$580 billion a year," he said.
He said that the amount did not include the likes of logistics and other non-food aspects of the industry.
Abdullah said that Malaysia has also established the Halal industry Development Corporation (HDC) which will play a leading role in developing the country's halal industry and also established the standard MS1500:2004 as an international benchmark for the certification of halal products.
"I invite all D-8 members to look into the possibility of adopting the standard. I would welcome the authorities responsible on this matter in all D-8 countries to discuss and fast-track the establishment of an acceptable internationally recognised standard," he said.
Abdullah, who is also the Organisation of Islamic Conference (OIC) chairman, said Muslim countries must not delay securing the niche market for halal products and services within the international trading and investment network.
-- BERNAMA
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