Kuala Lumpur and Jakarta should collaborate on Islamic finance

JAKARTA, June 18 (Bernama) -- Malaysia and Indonesia should strengthen their collaboration in advancing the agenda to further develop Islamic finance and the halal market for the benefit of the international community, Malaysian Minister in the Prime Minister's Department Datuk Seri Effendi Norwawi said Monday.

Addressing some 700 captains of industry at the Malaysia-Indonesia Investment and Finance Summit here, he said that would provide both countries with the strategic avenues for partnership where they have distinct advantage.

"This will create a niche for both nations to secure a competitive advantage not only in the regional markets but also globally," he said, adding that Malaysia and Indonesia must not be perceived as separate, individual markets but rather as gateways to a larger global economic and financial environment.

He said the vast business and commercial potential of the halal sector is beyond doubt, with a captive market of 1.6 billion Muslims and an estimated market size of more than US$600 billion (US$1 = RM3.44).

From Bernama, Malaysia.