Islamic finance has grown tremendously since its inception over 30 years. According to global financial intelligence group, The Banker, there are 614 Islamic financial institutions worldwide across 47 countries, The Top 500 Islamic Financial Institutions (TIFI) reported the global total of Shariah-compliant assets grew by 27.6% to reach USD639.1billion.
The enactment of the Islamic Banking Act 1983 enabled the country’s first Islamic Bank to be established and thereafter, with the liberalisation of the Islamic financial system, more Islamic financial institutions have been set up.
Today, Malaysia’s Islamic finance sector continues to grow rapidly, supported by an environment that is renowned for continuous product innovation, a diversity of financial institutions from across the world, a broad range of innovative Islamic investment instruments, a comprehensive financial infrastructure and the implementation of global regulatory and legal best practices.
Malaysia has also placed a strong emphasis on human capital development alongside the growth of the Islamic financial industry to ensure the availability of Islamic finance talent. All of these value propositions have transformed Malaysia into one of the most viable Islamic banking markets in the world.
*Source – MIFC