KUALA LUMPUR: Malaysia’s success in Islamic finance is a model for other countries in the world, World Islamic Economic Forum Foundation (WIEF Foundation) managing director Datuk Syed Abu Bakar S Mohsin Almohdzar said.

He credited the achievement to the unique structure of Islamic finance in Malaysia that is governed by Bank Negara, which sets it apart from other countries.

“Malaysia has been looked at as the forefront and also the success story regarding Islamic finance because Islamic finance in this country is structured under Bank Negara unlike elsewhere ... under the purview of the central bank,” he said during 14th World Islamic Economic Forum press conference today.

The 14th edition, to be held at the Abu Dhabi National Exhibition Centre, is themed “Global Economic Agenda: Shaping a Sustainable Future” on Feb 6 to 8 2024.

The forum will focus on shaping a sustainable future by addressing key challenges, exploring new opportunities, and showcasing the latest innovative strategies and solutions to drive socio-economic development.

“Previously, the forum extensively discussed Islamic finance. Now, we have a topic related to Islamic finance, but we are also discussing sustainability and the environment. We must adapt to the times, but we never forget Islamic finance is the main component of the Malaysian economy and the success story is here,“ he said.

WIEF Foundation chairman Tan Sri Dr Syed Hamid Albar similarly stated, “WIEF pioneered the platform to discuss on Islamic finance and banking as well as Waqaf which are all issues of importance. There will be a follow-through to that,” he added.

He said the forum is also an opportunity for Malaysia to go on a global stage to explain about Malaysia’s Economic Madani policy.

“When talking about the Madani Economy, this is an opportunity for us to explain it all, because the people who will be attending are from the government, business leaders.

“We have workshops and also networking. Various ministries will be participating. It will provide a platform for us to communicate, explain, and also to create and establish better understanding of what Malaysia can offer,” Syed Hamid added.

The forum’s panel discussions will focus on ESG, green economy and Islamic finance, food security, halal industry, role of youth and women in business, trade relations, investment opportunities, and technology-driven solutions for economic growth.