GENERAL

MALAYSIA TO FACILITATE COOPERATION ON ISLAMIC TRADE FINANCE AMONG OIC COUNTRIES

28/05/2024 12:38 PM

KUALA LUMPUR, May 28 (Bernama) -- Malaysia plans to implement government-to-government (G2G) facilitation leveraging on Islamic trade finance for economic cooperation among the Organisation of Islamic Cooperation (OIC) countries.

Prime Minister Datuk Seri Anwar Ibrahim said this initiative will help turbo-charge the growth of the Islamic economy.

“Considering that the global size of the Islamic trade finance today represents only less than five per cent of the approximate total trade finance activities by OIC member countries, I call on OIC leaders to ‘up the ante’ and facilitate cross-border access to beef up innovation, trade and investments,” he said when launching the Global Forum on Islamic Economics and Finance here today.

Also present were Finance Minister II Datuk Seri Amir Hamzah Azizan, Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour, Securities Commission Malaysia executive chairman Datuk Seri Dr Awang Adek Hussin and Malaysia International Islamic Financial Centre (MIFC) chairman Tan Sri Azman Mokhtar.

Anwar, who is also Finance Minister, said Malaysia will also spearhead the development of a global programme for Islamic economist in collaboration with its implementation partners.

Prime Minister said the programme aims to cultivate a cadre of dynamic and highly skilled economists equipped with the right knowledge and expertise in Islamic economics to ideate solutions that address contemporary global challenges. 

“It is a multi-track programme offering executive education, applied research and working internship for participants to gain professional experience,” he said.

He noted that international Islamic organisations and development partners must work together to enhance international cooperation with concerted, holistic and harmonised economic growth strategies.

These include removing structural barriers, improving infrastructure, enhancing trade practices and fostering good governance in reducing economic disparities.

For Malaysia, Anwar said the MADANI economic framework puts forward a new method for civilisational development to guide towards achieving the goal of just and equitable wealth distribution. 

“The government will continue to steadfastly support Islamic social finance initiatives in Malaysia,” he added.

-- BERNAMA


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