KUALA LUMPUR, March 17 (Bernama) — Prime Minister Datuk Seri Najib Tun Razak’s Economic Transformation Programme (ETP), which also stresses on restructuring the banking sector including Islamic finance, has got the attention of foreign lawyers who are keen to learn more about Islamic financial instruments for business development and economic reconstruction.
Lawyers from premier firms from 18 cities in the region and from other major financial centers, who congregated here last week to attend the Asia Pacific Regional Meeting of Interlaw, acknowledged Malaysia’s specialised expertise in Islamic finance.
Rosli Dahlan, Partner with Lee Hishamuddin Allen & Gledhill, told Bernama today that through the government’s ETP, which included the creation of a K-economy, Malaysia’s expertise can be exported to other countries.
One Japanese lawyer, Shuichi Namba, senior partner with a major law firm in Tokyo, who attended the meeting when earthquake and Tsunami struck Japan, was positive Islamic financial instruments could help finance the economic recovery and reconstruction of Japan, which according to news reports, would cost a staggering US$180 billion.
Currently, the Japan Bank of International Co-operation had issued the Ijarah Sukuk worth US$300 million while the Nomura Holdings Sukuk was issued at US$100 million.
Islamic finance, including Sukuk financial instruments, is estimated at about US$1 trillion globally, with 60 per cent, especially Islamic bonds or Sukuk, issued out of Malaysia. Continue reading