Malaysia continues to lead the rankings in Islamic economy and finance by the Global Islamic Economy Indicator (GIEI) for the eighth consecutive year.

Petronas Tower in Malaysia (Photo: https://indonesiawindow.com/)

According to the Global Islamic Economy report in 2020, the Islamic FinTech and economy sectors of Malaysia continue to flourish aided by governmental support and Malaysia Digital Economy Corporation (MDEC)'s continuous push to expand economic digitalization and an aggressive creation of a conducive ecosystem for which it can thrive on.

For years, the Malaysian Government has identified Islamic finance and Islamic digital economy as key economic growth activities towards achieving and maintaining its position as the global Islamic FinTech hub.

The Southeast Asian country is the largest Sukuk issuer in the world as well as having one of the best Halal standards globally.

According to MDEC Vice President Gopi Ganesalingam, these global recognitions pave the way for Malaysia to continue to lead as the global Islamic FinTech hub.

With its strong digital economy ecosystem within the Organisation of Islamic Cooperation (OIC) member nations, Malaysia has comparative advantages over others in providing Shariah-compliant Islamic finance and FinTech services globally, he said.

Source: VNA