Malaysia's Islamic Finance Industry poised for greater growth

Malaysia's Islamic finance industry is poised for a greater future and will grow in line with the national aspiration of becoming a global hub, said Bank Negara Malaysia Governor Tan Sri Zeti Akhtar Aziz.

"It (the industry) is set to grow. Its international dimension will continue to increase because we are becoming an international hub for Islamic finance," she told reporters after presenting scrolls to International Centre For Education In Islamic Finance (INCEIF) graduates here today.

Zeti said the convocation, for 248 graduants from 40 countries, was an initiative to provide great talent that would help drive and spur the industry,going forward.

Locals made up 55 percent of the graduates today followed by students from Somalia, Indonesia, Pakistan, Yemen, Brazil, the United States and Germany.

"This would be a tremendous boost for the industry that has always complained that they don't have enough talent. That's why we established Inceif.

"This is an investment by Bank Negara. It achieved everything that we wanted in developing talent and in carrying out research," she said.

Zeti, who is also INCEIF Chancellor, said Malaysia was increasingly being recognised throughout the world for being at the forefront of research in Islamic finance.

INCEIF President and Chief Executive Officer Daud Vicary Abdullah said Malaysia was recognised as a leader in every aspect of Islamic finance, be it for legislation, reporting structure, governance structure, human capital and instrument development and, independent reporting.

"Malaysia is probably twice as far ahead as the next competitor in terms of its infrastructure to grow and support Islamic finance," he said.

Daud also said Malaysia must continue producing top quality graduates from as many countries as possible to carry the message forward.