KUALA LUMPUR, May 29 (Bernama) — The Global Forum on Islamic Economics and Finance (GFIEF) concluded its two-day conference on Wednesday, affirming the government’s commitment to reforming Islamic finance and the economy to foster inclusive growth.
Ministry of Finance (MoF) Secretary-General of Treasury Datuk Johan Mahmood Merican expressed Malaysia’s strong commitment to reforming Islamic finance leadership under the MADANI Economy Framework.
“I believe that when we talk about reform, it doesn’t necessarily mean starting from scratch, but to see how can we really learn from what has already been done,” he said during today’s closing session of the forum titled ‘GFIEF Resolutions: Actionable Next Steps’.
He also highlighted the importance of value-based reform and collaboration with multilateral organisations to attract private sector funding.
“The government, on the other hand, has always been willing to put some money to seed new innovations,” he added.
During yesterday’s launch of GFIEF, Prime Minister Datuk Seri Anwar Ibrahim reiterated the government’s commitment to Islamic finance innovation through partnerships and announced a commitment of RM100 million to further boost such initiatives.
He announced a RM100 million commitment to support such initiatives and unveiled plans for introducing the ‘wakalah bil-khadamat’ structure in sukuk issuance.
Furthermore, Anwar disclosed that the Retirement Fund (KWAP) would invest up to RM3 billion in shariah-compliant investments through Dana Pemacu.
At the forum’s outset, Anwar launched the MIFC Leadership Council (MLC)’s position paper titled ‘Putting the Islam in Islamic Finance,’ advocating for reform and the restoration (Islah) of the economy and society through Islamic finance.
Meanwhile, Bank Negara Malaysia (BNM) has proposed embodying Maqasid al-Shariah in economic and sustainable structural reforms, as well as advancing innovation in trade and waqf as catalysts to reinforce an inclusive and resilient socio-economic model.
The central bank also proposed strengthening global integration to propel mutual economic development and shared prosperity among Islamic nations, including through increased intra-trade within the Organisation of Islamic Cooperation.
Earlier today, the Securities Commission Malaysia (SC) announced that it is implementing concrete steps to support the national sustainability agenda and strengthen Malaysia as a regional Sustainable and Responsible Investment (SRI) hub.
The SC is also expected to launch the Social Exchange, the first of its kind in ASEAN, by the end of this year, with registration for the exchange slated for the first quarter of 2025.
The two-day forum convened at the Kuala Lumpur Convention Centre, attracting 2,300 policymakers, industry leaders and practitioners from 75 countries. It aimed to unlock the transformative power of Islamic economics and finance.
Under MoF’s patronage, GFIEF was organised by BNM in collaboration with the SC, Labuan Financial Services Authority, International Islamic Liquidity Management Corporation, Islamic Development Bank, Islamic Financial Services Board and the World Bank Group.
— BERNAMA
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