Southeast Asian Islamic Nations Urged to Become Drivers of Shariah-Based Finance

DR. Rais Yatim.

Shah Alam, Selangor State, Malaysia, 13 Jumadil Akhir 1438/12 March 017 (MINA) – Islamic nations in Southeast Asia (SEA) have been urged to become drivers of the shariah-based banking and financial system, to boost regional economic growth and that of the Islamic world as a whole.

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The glory days of the Islamic economy should be brought back to life, through collaboration between Islamic countries in the region, for the benefit of the people in the future,  bernama quoted International Council of Islamic Finance Educators (ICIFE) Chairman, Rais Yatim, as saying.

Using China’s economic strength as an example, which was achieved on the back of the country’s own unique financial planning, Rais urged the SEA Islamic nations to create a shariah-based banking and financial system, without having to wait for the first move from organisations, such as the Organisation of Islamic Cooperation (OIC).

“In my opinion, Malaysia-Indonesia-Brunei-Southern Thailand, can take the initiative and the first step towards establishing an assertive, efficient and knowledgeable leadership in Islamic finance and banking,” he said.

Rais was speaking to reporters, after delivering a speech at the Third ICIFE Annual General Meeting and International Islamic Financial Education Forum here, Saturday.

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He said, once the Islamic banking and finance system becomes strong, it would increase the desire of countries in the middle-east to improve the system on a larger scale.

He also urged that the Islamic financial system, based on the use of gold and silver, to be outlined in detail and for aspects of its practicality to be examined.

Rais also said, academic bodies or industries related to Islamic finance should work together in establishing an academic syllabus on a more specific basis, to shape the future of Islamic economy.

Meanwhile, Rais, who is also the President of the Islamic International University (IIUM), launched two books entitled, “The Islamic Currency” and “Islamic Leadership.” (T/RS5/RS1)

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Mi’raj Islamic News Agency (MINA)