bernama
By Ismail Amsyar Mohd Said
KUALA LUMPUR, Feb 19 (Bernama) -- Malaysia's strong position in Islamic banking can help Libya which wants to speed up the development of that sector, says Libya's Ambassador to Malaysia, Dr Anwar A.Y. Elfeitori.
He said the Libyan government expected all banks in the country to convert to Islamic banking by 2015.
"However, to do that in a short period of time requires a lot of help. Previously, we have signed a memorandum of understanding with the Central Bank of Malaysia to cooperate in the Islamic banking field," he told Bernama in an interview.
He said Malaysia's wide experience in Islamic banking could greatly assist Libya in expediting the move to convert Libyan banks into Islamic banks.
Malaysia International Islamic Financial Centre (MIFC) in its report has said that the Islamic banking sector in Malaysia has witnessed an increasing market share on the back of growing demand for Islamic financial services.
Citing a Bank Negara Malaysia statement, the report said that as at the end of first half of 2013, the Islamic banking assets totalled RM527.2 billion or 24.1 per cent of the banking system's total assets.
MIFC said Malaysia is home to 20 Islamic financial institutions, 10 of which have foreign ownership, while also being home to five international Islamic financial institutions from Europe, the Gulf Cooperation Council (GCC) and the Asia-Pacific.
The ambassador also encouraged Malaysian companies to invest in Libya such as in the infrastructure sector and construction.
He said there were a lot of projects in Libya like the building of roads, airports and sea ports, and Libya needed a lot of assistance in these sectors.
"Libya will be going through great developments and I believe Malaysian companies will do a good job to assist us in these sectors," he said, adding that Libya was now "very transparent."
Malaysian companies could go through the normal tendering process and with their qualifications and experiences, they would be successful, he said.
Three years after the Feb 17 revolution that saw the downfall of its president Muammar Gaddafi, Libya, a country with some six million people, is now moving ahead with developments in various sectors.
KUALA LUMPUR, Feb 19 (Bernama) -- Malaysia's strong position in Islamic banking can help Libya which wants to speed up the development of that sector, says Libya's Ambassador to Malaysia, Dr Anwar A.Y. Elfeitori.
He said the Libyan government expected all banks in the country to convert to Islamic banking by 2015.
"However, to do that in a short period of time requires a lot of help. Previously, we have signed a memorandum of understanding with the Central Bank of Malaysia to cooperate in the Islamic banking field," he told Bernama in an interview.
He said Malaysia's wide experience in Islamic banking could greatly assist Libya in expediting the move to convert Libyan banks into Islamic banks.
Malaysia International Islamic Financial Centre (MIFC) in its report has said that the Islamic banking sector in Malaysia has witnessed an increasing market share on the back of growing demand for Islamic financial services.
Citing a Bank Negara Malaysia statement, the report said that as at the end of first half of 2013, the Islamic banking assets totalled RM527.2 billion or 24.1 per cent of the banking system's total assets.
MIFC said Malaysia is home to 20 Islamic financial institutions, 10 of which have foreign ownership, while also being home to five international Islamic financial institutions from Europe, the Gulf Cooperation Council (GCC) and the Asia-Pacific.
The ambassador also encouraged Malaysian companies to invest in Libya such as in the infrastructure sector and construction.
He said there were a lot of projects in Libya like the building of roads, airports and sea ports, and Libya needed a lot of assistance in these sectors.
"Libya will be going through great developments and I believe Malaysian companies will do a good job to assist us in these sectors," he said, adding that Libya was now "very transparent."
Malaysian companies could go through the normal tendering process and with their qualifications and experiences, they would be successful, he said.
Three years after the Feb 17 revolution that saw the downfall of its president Muammar Gaddafi, Libya, a country with some six million people, is now moving ahead with developments in various sectors.
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