Friday March 31, 2006
Fostering a global Islamic financial hub
BY 2010, the Islamic banking industry is expected to constitute 20% of the overall banking and insurance market.
The Government will continue to undertake strategic initiatives to strengthen the country's position as a global Islamic financial hub.
The move is expected to bolster financial, trade and investment and investment ties and linkages between Malaysia and other countries.
The Government will also set up centres of excellence for education, trading, consultancy and research in Islamic banking and finance.
The takaful industry will be developed to form an important part of the financial system by 2010. Under the 9MP, the main objective is to develop strong and highly capitalised takaful operators offering a complete range of takaful products and services.
Local takaful operators will also be encouraged to increase their international presence.
With the formation of the Malaysian Takaful Association, industry efforts towards enhancing market conduct and strengthening customer protection would be effectively implemented.
Additionally, alternative distribution channels such as bancatakaful, financial advisers and the Internet would be further developed.
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