| The Economist has given top marks to Malaysia’s progressive leadership in Islamic finance and in particular its dominance in Islamic bonds or sukuk. In a report entitled “Banking on the Ummah: Malaysia Leads Charge in Islamic Finance”, the noted financial magazine cited Malaysia as being the first country to issue the world’s first sovereign sukuk in 2002.
The report said: “Of Malaysia’s claims to fame, leadership in financial services is not an obvious one. Yet in some ways the country is the world’s most important Islamic finance centre. “Just over a fifth of the country’s banking system, by assets, is Shariah-compliant; the average for Muslim countries is more like 12 per cent, and often a lot less...............................................Full Article: Source
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