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14.07.2015 02:49 Age: 2 days

Malaysia aims to become international Islamic financial centre


The Malaysian government has adopted an efficient and integrated structure to develop Malaysia as an international Islamic financial centre, according to the Deputy Finance Minister, Datuk Chua Tee Yong, the Borneo Post reports.

He said the approach was due to the strong cooperation among various ministries, agencies, private sector and other stakeholders via the Malaysia International Islamic Financial Committee (MIFC) committee chaired by Bank Negara Malaysia governor.

"The MIFC executive council (exco) acts as a coordinating body and is responsible on the direction of the industry. It will also ensure that the effectiveness and efficiency in the implementation of collective initiatives," he said.

Chua said the exco would also study the existing policies to ensure they were in line with the government's and industry's roles and responsibilities in the development of the Islamic financial centre initiative.

He said this in reply to a question by Senator Datuk Dr Asyraf Wajdi Dusuki at Dewan Negara here yesterday.

Asyraf Wajdi wanted to know whether the Finance Ministry has plans to develop the Islamic financial system in Malaysia by establishing 'local centres' as in Qatar, Bahrain, UK and Singapore.

Chua said the plan and strategic issues would be discussed by MIFC exco to facilitate the administration and smooth implementation of the MIFC initiative.

"The exco will also be strengthened with the establishment of MIFC Promotion Unit. Also, the Home Ministry and Immigration Department will help in the issuance of visas and work permits for Islamic banking experts," he said.

The finance ministry and Inland Revenue Board would also play their roles by providing tax incentives to open international Islamic bank, sukuk publications by multinational companies, Islamic banking experts and non-resident investors, he said

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Malaysia aims to become international Islamic financial centre