Malaysia committed to becoming a leading Islamic financial hub: Mashitah

The government is committed to its plan to make Malaysia a world leading Islamic financial hub, Deputy Minister in the Prime Minister’s Department, Datuk Dr Mashitah Ibrahim said yesterday.She said the plan was part of the country’s international agenda, and its success in developing the Islamic financial system to the level of global acknowledgement was important.

Malaysia must continue to develop and expand the Islamic financial system which with its compliance to the syariah principles gives a renewed confidence and a tool in overcoming financial crises, Mashitah said in her speech during the awarding of certificates for Islamic financial planners (IFPs) and a special book on Islamic financial planning here yesterday.

She said that the government, through agencies like Jakim, and Jabatan Wakaf, Zakat dan Haji (Jawhar), has also put in place an Islamic financial system that has been realised as planned.

Through its research division, Jakim has played its role in coming out with programmes and discussions that have brought Islamic financial system to its present commendable level.

She said the government had realised the need for a specialists like IFPs and a strong professional Islamic financial organisation to provide the support for Malaysia’s aspiration to be a leading country in Islamic finance and banking.

The IFP programme, which is fully certified by the Securities Commission and Bank Negara Malaysia was developed through the first such capital model development fund (CMDF) in the region and the world.

Through, IFPs, there will be a greater awareness and understanding for individuals on the importance and management of assets via the Islamic way, she said.

Mashitah also hoped with the emergence of IFPs, issues like unclaimed estates worth billions of ringgit, the division of properties without following syariah as well as unguided investments will be resolved.

She also said that along with the increase in the number of graduates in the conventional financial sector, it should be just as possible for the number of IFPs to increase as well.

Meanwhile, Datuk Dr Adnan Alias, chief executive officer and managing director of Islamic Banking and Finance Institute of Malaysia (IBFIM) said that there were more than 100 qualified Islamic financial planners in the country while another 200 students undergoing their studies.— Bernama

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