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Asia-PacificApril 3 2017

Malaysia's shot in the arm for Islamic wealth management

While Islamic finance is popular within Malaysia, concerns have been voiced about the country's sluggish growth as an international centre. To combat this, regulators in the country are pinning their hopes on sharia-compliant fund and wealth management. Stefania Palma reports.
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Malaysia remains a global hub for Islamic finance in terms of government and regulatory support and market innovation. But some participants argue the market’s development has not been as rapid as hoped beyond the country’s borders. A new Islamic fund and wealth management blueprint launched by Securities Commission Malaysia (SC) in early 2017 could pave the next path for growth of the sector, however.

“We are currently giving greater attention to the Islamic fund and wealth management segment. We would like to see greater growth and are working with the industry and other policy-makers to further develop this area,” says SC chairman Ranjit Ajit Singh. The new blueprint aims to attract global Islamic funds to Malaysia, extend wealth management services and leverage Islamic finance’s affinity with socially responsible investment (SRI).

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