PETALING JAYA: Malaysia is on track to realise its full potential as a Islamic economy and finance hub in the Asean region and beyond, says Tan Sri Muhyiddin Yassin.

       The National Recovery Council chairman said an abundance of opportunities exist in the Muslim world, and Muslim member states must work to establish competitive advantages.

       “The global halal economy has grown in leaps and bounds over the years, with pertinent areas of growth such as the halal food industry, Islamic finance and banking, pharmaceuticals, tourism as well as education.

       “Malaysia, for instance, remains a key player under the Global Islamic Economy Indicator (GIEI) since the past decade, driven by a strong Islamic finance ecosystem and creative initiatives.

       “Global recognition has placed Malaysia on track towards realising its full potential as a global Islamic economy and finance hub in the Asean region and beyond,” said Muhyiddin in a special address at the virtual World Islamic Economic Forum (WIEF) Roundtable 2021 “Revitalisation and Reform: Catalysing Growth” yesterday.

       Besides being a pioneer in the global halal industry, Muhyiddin said Malaysia continued to lead as one of the largest sukuk issuers in the world, accounting for 32% of global sukuk issuances last year.“One of the Malaysian government’s initiatives was the launch of RM500mil worth of Sukuk Prihatin Islamic bonds during my premiership in August last year,” he said.“As part of the Key Economic Growth Activities, the Islamic economy sectors will continue to flourish in the country, through government support and the role of agencies such as Department of Islamic Development Malaysia and the Malaysia Digital Economy Corporation,” Muhyiddin added.