Book

This modern history of Islamic finance is pretty short spanning a period of roughly five decades, compared to conventional finance which goes back to more than four centuries earlier. Islamic finance has spread rapidly across the globe, reminiscent of Lao-tzu's famous saying "A journey of a thousand miles begins with a single step". Malaysia, a pioneer in the development of the Islamic finance industry, has emerged as one of the major hubs for global Islamic finance.

This book examines the importance of the Pacific region to the Malaysian economy. Particular emphasis is placed on the contributions of the Pacific to Malaysia's trade expansion and industrial development through foreign investment. The book also traces the trends in the Pacific, discusses the possible impact of such trends on the Malaysian economy in the years ahead, and draws policy implications for the 1990s and beyond.