Malaysia is recognized as a “global leader in Islamic banking”. It is a sector that is growing rapidly worldwide, according to local media in Kuala Lumpur.
“We are seen as a pioneer in Islamic banking and we want to maintain that position in the coming years,” said Malaysian Deputy Finance Minister Amiruddin Hamzah.
“The sector offers the best career opportunities and many of our graduates are in Islamic banking,” Hamzah was quoted by Bernama news agency as saying.
Underlining that Malaysia has the capacity to strengthen the Islamic banking sector and create huge employment opportunities, Hamzah said: “This ‘takaful’ [Islamic insurance] is not only for use in the country, but we are also planning to export the talent to be used in other countries.”
Stressing the rising importance of the sector globally, Hamzah added that even non-Muslim countries are aspiring to position themselves as “global hubs” in the sector.
Recently, Fitch Ratings Agency stated that Malaysia’s Islamic banking sector is on the rise despite the COVID-19 pandemic.