Malaysia's PM sees tremendous potential in Islamic Finance

Islamic finance could be further developed.

continues to gain recognition from outside the Muslim world and has tremendous potential to be developed further,

Malaysia's Prime Minister Datuk Seri Najib Tun Razak said Islamic finance was more reflective of the real economy, less speculative, provides a long-term partnership and stability and was a good source of financing.

"Well, it is not used as much as compared to conventional financing, so the scope to develop Islamic finance is simply enormous and today, you can see there's recognition," said Najib, who is also Finance Minister.

Najib was responding to a question on how Malaysia can elevate the status of Islamic finance especially with  its role as the leading global Islamic finance players.

He said the Islamic finance has much potential to diversify into new growth areas such as trade and infrastructure financing in Asia and the emerging market.

Najib also pointed out that Islamic finance continues to gain recognition from outside the Muslim world.

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