ADFIMI 2014 – Develop Revolutionary Islamic Finance
REVOLUTIONARY ISLAMIC FINANCE
The Muslim world must develop a revolutionary method in Islamic finance, to allow entrepreneurs and financiers to leverage each other to contribute to nations’ economic growth sustainability.
Prime Minister, Datuk Seri Najib Tun Razak said, Islamic countries had made remarkable progress, to become a significant player in the global economy.
Datuk Seri Najib said the total gross domestic products of the Organisation of Islamic Cooperation, OIC countries, had grown to 9.4 trillion US Dollars in 2012 from 7.5 trillion in 2008.
The Premier said this in his keynote address at the 2014 Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank (ADFIMI),SME Bank International Forum today.
He said the Muslim world through organisations, such as ADFIMI, must continue to emphasise that Islamic nations are peaceful sovereigns and a source of prosperity for the world.
The prime minister pointed out, as an Islamic finance pioneer, Malaysia could and must play an influential role in ensuring the sector’s future development.
Ten years ago, he said, Malaysia issued the world’s sovereign sukuk today, Islamic finance is a 1.2 trillion US dollar market and is expected to rise to 2.6 trillion dollars by 2017.
Islamic finance is now growing at 50 per cent faster than conventional banking, he said adding that small medium enterprises SMEs should make greater inroads in Islamic finance, as one of the fastest growing sectors in a crowded financial marketplace.
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