null Malaysia Seeks Sustainable Lead to Drive Islamic Finance Growth
Malaysia Seeks Sustainable Lead to Drive Islamic Finance Growth
25 Mar 2022 | Friday Source: Bloomberg
Islamic finance pioneer Malaysia is looking for new drivers to reignite growth for its $286 million industry.
Sustainable finance and digitization of services will lead the way, with lenders expected to adopt technologies such as artificial intelligence and big data to break into under-served markets, said Bank Negara Malaysia Assistant Governor Adnan Zaylani Mohamad Zahid.
The Shariah finance industry is at the crossroads after global interest tapered following a burst of sukuk offerings from non-Islamic countries such as the U.K. and Hong Kong more than five years ago. Players are now seeking to carve a niche in socially responsible finance, with the likes of Malaysia offering dollar sukuk linked to sustainable activities over the past year.
Bank Negara Malaysia and the Securities Commission, the nation’s markets regulator, will host the Royal Award for Islamic Finance 2022 on Oct. 4. Excerpts from Adnan Zaylani’s emailed interview: