MANAMA (Bahrain): Several new cooperation agreements discussed during Prime Minister Datuk Seri Anwar Ibrahim’s inaugural official visit to Bahrain, including on financial technology (fintech), are expected to be formalised before May.
Anwar said that particular focus was given to Islamic fintech, which both parties agreed needs to be developed with several sophisticated instruments.
“So far, we have only been replicating conventional banking instruments.
“But we must move forward through thorough research, understanding Shariah regulations and Maqasid Shariah requirements, and ensuring that these institutions become stronger,“ he said.
He said this at a press conference after concluding his official visit to Bahrain at the invitation of Crown Prince and Prime Minister of Bahrain, Salman Hamad Al Khalifa. Anwar is scheduled to depart for Kuala Lumpur at 5 pm local time (10 pm Malaysian time).
Anwar, who is also the Finance Minister, said that education will also be a key focus, as it is one of the prerequisites for the country to enhance its capabilities in fintech, digital transformation and energy transition.
“Therefore, we have decided that research and education must be prioritised. I believe these matters (Islamic fintech and education) can be implemented in a short time,“ he said.
During his visit to Bahrain, Anwar also had an audience with the Crown Prince of Bahrain and King Hamad Isa Al Khalifa, spending about an hour in each meeting.
“I had an extensive discussion with Crown Prince Salman during the visit, in bilateral meetings, and at the official banquet. These occasions were fully utilised to discuss cooperation in fintech through banking partnerships, industry and investment, information technology, digitalisation, tourism, connectivity, food security, energy and renewable energy, as well as education.
“Before His Royal Highness (Crown Prince Salman) visits Malaysia, Insya-Allah in May, we hope that several cooperation agreements can be finalised to benefit our people and students. Hopefully, by May, we can further enhance the implementation of these initiatives,“ he said.
Anwar added that Malaysia is keen to learn from the efforts of the Bahrain Economic Development Board (EDB), which has transformed Bahrain into a regional financial hub.
He said that the EDB is also ready to facilitate any Malaysian company wishing to invest in the country and serve as a link with Middle Eastern countries.
“We also discussed the issue of cryptocurrency, whereby Malaysia has requested to hear Bahrain’s experience in handling this matter.
“We must learn from each other because all countries that are making progress are moving at a much faster pace. This rapid progress is what enables a country to advance, and we learn from the experiences of our friends, just as they will benefit from our experiences,“ he said.
Commenting on his audience with King Hamad at the Sakhir Palace, Anwar said that His Majesty expressed his concern to ensure that efforts to enhance bilateral cooperation between Malaysia and West Asian countries continue in all necessary fields.
“His Majesty also supports Malaysia’s initiatives, including organising the ASEAN-Gulf Cooperation Council (GCC) Summit and the ASEAN-GCC+ China Summit at the end of May,“ he said.
