ISLAMIC BANKING PLAYERS IN MALAYSIA URGED TO OVERSEAS EXPANSION

Kuala Lumpur, 3 Muharram/16 October 2015 (MINA) – The domestic Islamic banking industry players should be brave enough to tap into foreign markets to expand their businesses and grow the industry, said Dr Mohammed Daud Bakar, group executive chairman of Amanie Advisors, Shariah advisory firm, Bernama News reported.

Daud said that companies were too afraid to face the potential risks in the foreign markets. “They should use their expertise to explore outside market.

“In this segment, we have the experts and many countries hope that we bring our capital as well as expertise to set up a Malaysian bank,” he told Bernama, International Islamic News Agency (IINA) quoted by Mi’raj Islamic News Agency (MINA) as reporting.

He said, “Malaysia has the capability to set up banks and companies offering Islamic banking products and services as it is the third biggest Islamic banking industry player in the world after Iran and Saudi Arabia”.

On the company’s expansion plan, he said, Amanie Advisors was looking to enter new markets, such as Nigeria, India and Gambia, to provide Shariah products and services due to strong demand for the industry which was expected in the next three years.

“We are going to Morocco next week to organize national event, ‘International Participative Finance Forum Casablanca 2015’.

“Our strategy is to focus on new markets as there are less competition compared to the established ones…we want to be more active in the new markets,” he said.

The homegrown Shariah advisory firm also aimed to be more visible and impactful in the global industry after it won the ‘Award of Islamic Economy Knowledge Infrastructure’ by Global Islamic Economy Summit last Monday in Dubai, he said.

Amanie Advisors is a Shariah advisory firm specializing in Islamic finance solutions.

It offers a wide range of services including Shariah advisory and consultancy, training and research and development for institutional and corporate clientele focusing on Islamic financial services. (T/Imt/R04)

Mi’raj Islamic News Agency (MINA)