Malaysia-Islamic Finance in region

KUALA LUMPUR, Aug 27 (Bernama) -- Malaysia is fast becoming a model for the successful development of an Islamic financial system alongside the well-established conventional banking system in the Asia-Pacific region, a business leader said today."This is not surprising as Malaysia, as a multi-cultural nation, was quick to recognise and respond to the significance of the influence of cultural, religious and social dimensions of modern life in the mechanism for transaction," said Datuk Dr Tan Tiong Hong, chairman of the Association of Business Executives (ABE), United Kingdom.He was opening a seminar here on Malaysia's role in global Islamic finance leadership, education and value innovation.Tan said that given the rapid economic development of Malaysia in the past two decades and its multi-ethnic composition with more than 60 percent Muslims, it is natural that Islamic principles are innovatively assimilated into the mechanism of transactions that are acceptable to its Muslim population.He noted that Malaysia has a headstart in the successful implementation of a modern Islamic financial system alongside the conventional financial system, saying this had been made easy with the setting up of the Pilgrims Management Fund Board in 1963.Tan felt that with the backing of the government, the Islamic financial system can become more comprehensive, progressive, effective and efficient," he added.After the seminar, a memorandum of understanding (MoU) was signed between the ABE, the International Society of Business Administrators (ISBA) UK, the Centre for Islamic Business Research (CIBR) Malaysia and Zheng He Education 1421 to provide study modules and certification for distance learning students.