Economic Congress To Explore Strength Of Islamic Financial System

Bernama:The Third Islamic Economic Congress beginning here Monday will reveal the real strength of the Islamic financial system in Malaysia and seek solutions to the global economic turmoil.

The congress, last hosted by Malaysia in 1972, is jointly organised by the Foundation of Islamic Economic Development (YaPEIM), Islamic Consultative Council and Department of Islamic Development Malaysia (JAKIM).

YaPEIM director-general Dr Abdul Malek Awang Kechil said Malaysia had good potential to take the lead in the Islamic financial system given its strong in infrastructures in place.

"In this year's congress, we will try to list out the strength and advantages to enhance the existing system. If there are suitable elements, we will try to promote them regionally and with the Jeddah-based Islamic Development Bank," he told BERNAMA today.

Abdul Malek said Islamic financial system had proven its worth as many countries were eyeing for opportunities and want to be major players.

The four- day congress will be opened by Deputy Prime Minister and Finance Minister Datuk Seri Najib Tun Razak.

Abdul Malek said the approach and issues picked for this year's congress were quite different from the last congress to suit the changed economic scenario.

"In 1972, the important issue raised was setting up more tertiary learning institutions such as the International Islamic University.

"This year's congress is being held at a time when the world is grappling with the worrying global economic crisis.

"Hence, the issues selected for deliberations are relevant and in tune with the current world economic climate," he said.

The roundtable-concept congress will discuss nine important issues including the role of public agencies and government-linked companies in empowering competent entrepreneurs and to strengthen Muslims economic position through enhancing domestic networks and venturing into the global market.

Abdul Malek said resolutions adopted at the congress would be handed to the Raja Muda of Perak, Raja Dr Nazrin Shah, who will close the congress.

Some 600 local and foreign participants from government agencies and the private sector are to attend the congress.