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Zeti: New horizon in Islamic Finance prompts players to revisit strategies

Posted on September 20, 2012, Thursday

KUALA LUMPUR: The new horizon emerging in Islamic finance has prompted Islamic financial players to revisit strategies to ensure resilience of Islamic finance in the global marketplace.

Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said to ensure its resilience, Islamic finance need to be underpinned by sustainability strategies.

“Islamic finance beckons us with a new frontier. It prompts us to revisit strategies to ensure resilience of Islamic finance,” she said in her opening address on the second day of the Global Islamic Finance Forum (GIFF) here yesterday.

Zeti said one of the strategies was by having a wide range supply of Islamic products and services that are dynamic and effective.

“Secondly, by having a diverse and dynamic market participation that have a global focus,” she said.

The governor said effective linkages between financial institutions must be facilitated with a business enabler, especially in taxation and regulations.

For example, there is a need to understand in different jurisdictions,  having standardised documents and agreements, she said.

“This will enhance market transparency and efficiency, especially towards seamless global linkages,” she added. — Bernama

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