Friday, August 14

SEA Islamic nations urged to boost syariah finance

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SHAH ALAM: Islamic nations in Southeast Asia have been urged to become drivers of the syariah-based banking and financial system to boost regional economic growth and that of the Islamic world as a whole.

International Council of Islamic Finance Educators (ICIFE) chairman Tan Sri Dr Rais Yatim said the glory days of the Islamic economy should be brought back to life, through collaboration between Islamic countries in the region for the benefit of the people in the future.

Using China’s economic strength as an example and which was achieved on the back of the country’s own unique financial planning, Rais urged the Southeast Asia Islamic nations to create a shariah-based banking and financial system without having to wait for the first move from organisations such as the Organisation of Islamic Cooperation (OIC).

“In my opinion, Malaysia-Indonesia-Brunei-Southern Thailand can take the initiative and the first step towards establishing an assertive, efficient and knowledgeable leadership in Islamic finance and banking,” he said.

Rais was speaking to reporters after delivering a speech at the Third ICIFE Annual General Meeting and International Islamic Financial Education Forum here, recently.

He said, once the Islamic banking and finance system becomes strong, it would increase the desire of countries in the middle-east to improve the system on a larger scale.

He also urged that the Islamic financial system based on the use of gold and silver to be outlined in detail and for aspects of its practicality to be examined.

Rais also said that academic bodies or industries related to Islamic finance should work together in establishing an academic syllabus on a more specific basis to shape the future of the Islamic economy. Meanwhile, Rais, who is also the President of the Islamic International University (IIUM), launched two books entitled, “The Islamic Currency’ and “Islamic Leadership”. — Bernama