Malaysia aims at becoming Islamic wealth management center
Malaysia has introduced a five-year Islamic Fund and Wealth Management Blueprint to further strengthen the country’s position as a global hub for Islamic funds by 2021. The plan is the first of its kind globally and seeks to attract high-net worth individuals and asset managers to invest into Islamic wealth management services.
“The Islamic wealth management industry is still at a nascent stage of development as compared with other segments of the Islamic capital market,” Malaysia’s Second Finance Minister Datuk Johari Abdul Ghani gave the reason for launching the strategy.
“With its comprehensive Islamic finance ecosystem and track record in innovation, is at an advantageous position to play a lead role in shaping the concept and driving the development of Islamic wealth management services,” he added.
The initiatives includes broadening linkages and connectivity in the Islamic finance industry, capitalising on global opportunities and increasing the talent base within the Islamic capital market, as well as to enhance its product and service offerings.
According to the Malaysia’s Securities Commission, Malaysia has been widely recognised as the world leader in the Islamic capital market which has a size of around $2 trillion and has more than tripled over the last decade.
Malaysia currently has Islamic assets under management at $29.66 billion, which is among the largest in the world. The country is also a primary marketplace for global sukuk issuance, commanding 54 per cent of global sukuk outstanding, and is also home to some 20 full-fledged Islamic asset managers, including large international firms.
Malaysia has introduced a five-year Islamic Fund and Wealth Management Blueprint to further strengthen the country's position as a global hub for Islamic funds by 2021. The plan is the first of its kind globally and seeks to attract high-net worth individuals and asset managers to invest into Islamic wealth management services. “The Islamic wealth management industry is still at a nascent stage of development as compared with other segments of the Islamic capital market,” Malaysia's Second Finance Minister Datuk Johari Abdul Ghani gave the reason for launching the strategy. “With its comprehensive Islamic finance ecosystem and track record in...
Malaysia has introduced a five-year Islamic Fund and Wealth Management Blueprint to further strengthen the country’s position as a global hub for Islamic funds by 2021. The plan is the first of its kind globally and seeks to attract high-net worth individuals and asset managers to invest into Islamic wealth management services.
“The Islamic wealth management industry is still at a nascent stage of development as compared with other segments of the Islamic capital market,” Malaysia’s Second Finance Minister Datuk Johari Abdul Ghani gave the reason for launching the strategy.
“With its comprehensive Islamic finance ecosystem and track record in innovation, is at an advantageous position to play a lead role in shaping the concept and driving the development of Islamic wealth management services,” he added.
The initiatives includes broadening linkages and connectivity in the Islamic finance industry, capitalising on global opportunities and increasing the talent base within the Islamic capital market, as well as to enhance its product and service offerings.
According to the Malaysia’s Securities Commission, Malaysia has been widely recognised as the world leader in the Islamic capital market which has a size of around $2 trillion and has more than tripled over the last decade.
Malaysia currently has Islamic assets under management at $29.66 billion, which is among the largest in the world. The country is also a primary marketplace for global sukuk issuance, commanding 54 per cent of global sukuk outstanding, and is also home to some 20 full-fledged Islamic asset managers, including large international firms.
