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Malaysia seeks greater GCC participation

KUALA LUMPUR — Malaysia yesterday sought greater participation from the GCC and other Middle East countries in developing Islamic banking and financial solutions for the fast paced economic development of Islamic countries around the world.

The Malaysian prime minister observed that until recently the GCC countries were more focused on investment opportunities in the western markets. However, lately they have been looking at the investment opportunities in OIC countries including Malaysia. While Malaysia successfully attracted Western and Asian FDI flows, investors from the capital rich GCC countries have largely been conspicuous by their absence.

Malaysia has invested significantly in building a world-class business and financial architecture over the last two decades under its Vision 2020 banner. In a post 9/11 environment, however, there are signs that GCC institutions and investors, because of investment diversification reasons, are slowly opening up to Malaysian business and risk. GCC institutions and Islamic bankers are impressed with Malaysian progress in developing its Islamic banking and finance sector, especially from a systemic point of view.