17.10.2011 - WIKILEAKS: Islamic finance in Malaysia: Obstacles and opportunities
Malaysia is determined to become a global hub for Islamic Finance, and already accounts for two thirds of outstanding Islamic bond issuances (reftel). However, at a recent conference in KL, financial experts discussed a number of obstacles holding back development of this niche market. Chief among them was the inadequacy of the secondary market and the lack of Islamic derivative products. Higher legal fees and complications arising out of the need for Sharia compliance were a burden as well. Nevertheless, the Malaysian government remains optimistic and content to have a pragmatic approach to development rather than get hung up on the need for a "purist" approach to Sharia compliance..............................................Full Article: Source
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