Publication:
Why Malaysia should lead the ASEAN Islamic Finance Masterplan
Abstract
As Malaysia steps up to chair ASEAN in 2025, it has an ideal opportunity to shape the future of Islamic finance across Southeast Asia. With ASEAN’s dynamic blend of cultures, economies, and religions, the region offers a fertile landscape for Islamic finance, with Indonesia being home to the largest Muslim-majority population in the world. Notwithstanding, despite this potential, each ASEAN member currently navigates Islamic finance in isolation, resulting in uneven development, market fragmentation, and inconsistent standards. A unified approach - spearheaded by a cohesive masterplan, tentatively named the “Islamic Finance Masterplan for ASEAN Collaborative Transformation” (or IMPACT) - could unlock ASEAN’s Islamic finance potential, estimated to reach nearly $600 billion in assets by 2030 if nurtured effectively. ASEAN already represents one of the fastest-growing regions in Islamic finance, driven by its large Muslim population and increasing demand for ethical finance products. This masterplan could make Islamic finance more accessible, resilient, and inclusive, addressing the financial needs of over 240 million Muslims in Southeast Asia and beyond. With Malaysia’s recognized expertise and established infrastructure in Islamic finance, the country’s 2025 chairmanship presents a pivotal moment to champion this initiative. Starting with achievable, impactful strategies, Malaysia can set ASEAN on the path toward deeper regional cooperation.
Keywords
ASEAN , Malaysia , Islamic Finance Masterplan
Citation
Md Zabri, M. Z. (2024, November 20). Why Malaysia should lead the ASEAN Islamic Finance Masterplan. Life News Agency.
Publisher
Life News Agency
DOI
Files
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