Moving further into the global platform

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GLOBAL LEADER: Malaysia needs to incorporate and practise skills to excellence level that will set the direction to be a global leader in all segments of Islamic financial services.

Islamic finance has more room to advance in corporate governance

KUALA LUMPUR: Malaysia’s Islamic finance industry has more room to advance in corporate governance practices and to be in the global platform as its prudent regulatory framework is seen as a global benchmark.

Malaysia has a comprehensive regulatory and governance framework that catered to the unique characteristics of Islamic finance with stronger standards, said Deloitte’s global Islamic finance leader Daud Vicary Abdullah.

“We need to play by the global rules to be on the global platform. We have a good level of regulatory and governance framework that could be benchmarked as world standard,” he told reporters after a talk series on Corporate Governance Lessons For Islamic Financial Institutions here yesterday.

“Malaysia is in a leadership position in Islamic finance and it gives a better platform to move globally,” he said.

He said Malaysia needs to incorporate and practise skills to excellent level that would set the direction to be a global leader in all segments of Islamic financial services.

“Transparency, corporate governance, risk management, accountability, press freedom, human rights, democratic rights and legal governance are among the skills.

“Excellency in upholding these skills had led New Zealand to be ranked as the top country in the Islamic City Index, a study conducted by George Washington University students last year, followed by Luxembourg and Ireland,” he added. Malaysia was ranked 34th, the top Muslim nation, followed by Kuwait in the 46th ranking, among the 208 countries.

Daud said non-Islamic countries were behaving more Islamic than Muslim nations due to the excellent conduct in skills.

The intellectual discourse talk series was hosted by the International Centre for Education in Islamic Finance established by Bank Negara Malaysia.  — Bernama