Malaysia's deputy finance minister, Dr Ng Yen Yen says Malaysia needs a more competitive finance industry:
Dr Ng said in this context, there existed an opportunity to find a niche in developing Malaysia's very own Islamic finance and takaful businesses. "The government also aimed to attract funds from developed countries as well as the untapped market in the Middle East with a variety of conventional and Islamic investments which meant that it was vital the industry players to be creative and innovative in developing the domestic market to draw funds to this country by providing profitable investment alternatives," she said.
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"In addition to strengthening Malaysia's position as an international Islamic financial centre, mutual recognition regime should be established to facilitate the cross-border marketing of Islamic funds between Malaysia and other Islamic countries," she said.
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