27.09.2011 - WIKILEAKS: Malaysia promotes Islamic finance: US firms concerned over governmental preferences
Demand for Islamic financial paper continues to outstrip supply, due in large part to the growing interest of Middle East petrodollar holders to park their money in Sharia compliant instruments. The biggest success story to date is the Islamic bond (sukuk), the only product Islamic scholars from different parts of the globe have reached consensus on regarding their permissibility under Islamic law. The Government of Malaysia (GOM) continues to push for global consensus on a wider range of Islamic products and it is implementing regulatory and tax preferences for firms offering such products in an effort to make Malaysia a global hub for the industry in this growing niche market..............................................Full Article: Source
Print