Malaysia continues to forge the way ahead in Islamic economy and finance, leading the way for the eighth consecutive year based on the ranking by the Global Islamic Economy Indicator (GIEI).
Its burgeoning Islamic FinTech and economy sectors continue to flourish aided by governmental support and Malaysia Digital Economy Corporation’s (MDEC) continuous push to expand the digitalisation of the economy and an aggressive creation of a conducive ecosystem for which it can thrive on.
For years, the government of Malaysia has identified Islamic finance and Islamic digital economy as Key Economic Growth Activities (KEGA) towards achieving and maintaining its position as the global Islamic FinTech hub.
Malaysia is the largest Sukuk issuer in the world as well as having one of the best Halal standards globally.
“These global recognitions pave the way for Malaysia to continue to lead as the global Islamic FinTech hub and towards becoming the Heart of Digital ASEAN.
With our strong digital economy ecosystem within the Organisation of Islamic Cooperation (OIC) member nations, we have comparative advantage over others in providing Shariah-compliant Islamic finance and FinTech services globally.
“We are extremely proud of our leadership position and MDEC will continue to work with financial regulators and industry partners from all relevant areas to further enhance our capabilities, facilities and capacities to ensure we maintain our global leadership position,” said Mr Gopi Ganesalingam, MDEC Vice President, Digitally-Powered Businesses division.
According to the State of the Global Islamic Economy Report (GIER) 2020/21, Muslims are expected to spend US$2.4 trillion by 2024, up from US$2.2 trillion in 2018.
GIEI also revealed that 66% of consumers are willing to pay more for ethical products while a report from Thomson Reuters projected Shariah-compliant assets worldwide will reach US$3.8 trillion by 2022.—Salaam Gateway