World Islamic Mega Bank Should Become a Reality despite Challenges
"There have been some attempts to establish the world Islamic mega bank but it has not materialised yet due to some challenges," he told a press conference in conjunction with the three-day 11th World Islamic Economic Forum (WIEF) which began Tuesday.
It was noted that countries like Turkey and Indonesia have started their efforts in establishing the megabank, aimed at creating a platform to serve as a central bank for the world's Islamic lenders.
Themed, "Building Resilience for Equitable Growth", the 11th WIEF returns to Kuala Lumpur as the region prepares to come together with the ASEAN Economic Community on December 31, 2015.
The envisioned single market and production base, competitive economic region, equitable economic development and full integration into the global economic resonate with the WIEF foundation's aim of building bridges through business to drive economic and social progress.
More non-Muslims using Islamic finance in Malaysia
‘More non-Muslims are using Islamic finance than Muslims in Malaysia and that is an indication of how widespread the support and acceptance for it is,” Najib said later in the day at the 11th World Islamic Economic Forum (WIEF).
Najib said the popularity of Islamic finance around the world was bolstered by the global financial crisis in 2008.
He said the crisis resulted in a sharp demand for alternative economic and business models, specifically financial models which reduced the level of speculation.
Najib said unlike the inherent weakness in the conventional model, Islamic finance offered a genuine partnership where both risk and profit is shared.
"As a result Islamic financing has gained a lot of traction."
Najib also commended the WIEF as a bridge between the Muslim and non-Muslim worlds besides strengthening co-operation between all countries.
Source: Bernama
