(Manila - Philippines) There
are multiple opportunities in Association of Southeast Asian Nations (ASEAN)
countries to promote Islamic Finance, through which Halal Industry can be flourished
rapidly in the region. These views were expressed by Muhammad Zubair Mughal, Chief
Executive Officer, AlHuda Centre of Islamic Banking and Economics (CIBE) during
his speech at “First National Halal Forum” in Manila which was organized by Department
of Science and Technology, Government of Philippines at a local hotel (Shangri-La
Makati) on 29th- 30th October, 2013, in order to grow Halal Industry and
Economy on both regional and international level.
During his address to the Forum,
he stated that Islamic Finance and Halal Industry are complement to each other.
Micro and Small Medium Enterprises (MSME’s) can be energized by utilizing
Islamic Finance concept in the region which will be cause to reduce in poverty
and ultimate socio-economic prosperity in the ASEAN member Countries. He,
presenting an analysis on ASEAN countries (Malaysia, Indonesia, Brunei
Darussalam, Loa PDR, Myanmar, Singapore, Thailand and Vietnam), stated that the
approximate total population of ASEAN countries is 600 million including the
Muslim Population more than 40% (240 million) which is a potential indicator
for Islamic Finance growth whereas in Malaysia, Indonesia and Brunei Darussalam
already have significant contributions in Islamic Banking, Takaful, Sukuk and
Islamic Funds, while Philippines and Thailand are being considered as future
potential markets for Islamic Banking and Finance in ASEAN countries.
He explained that Islamic Banking
and Finance is the system not a religion which can be utilized by Muslim and
Non-Muslims to get absolute benefits from the best services of Islamic Banking
and Finance as its best example is the South Africa where Muslim population is
less than 2% of the whole population but it has more than 5 Islamic Banks, 13
Islamic Funds and 2 Takaful companies working actively, which are equally famous
among Muslims even non-Muslims communities because of their best practices and services.
He said that Philippines is an important country of the region with having 100
million populations, approximately, containing Muslim population by more than 7%
which bears it out that there are momentous chances for the promotion of Islamic
Finance and, apparently, government of Philippines found active in this concern
and it will, definitely, energize Islamic Banking and Takaful in result. He
also stated that government of Philippines can generate financial resources for
national level mega projects by utilizing the concept of Sukuk (Islamic Bonds).
National Halal Forum continued
for two days at Manila where experts from different countries of the world
participated including Pakistan, Turkey, Malaysia, Indonesia and Thailand #
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