Malaysia eyes opportunity to send Islamic banking graduates to work abroad

Last update: 25/12/2019

KUALA LUMPUR, Dec 25  -- Malaysia is looking for opportunities to send local Islamic banking graduates to work abroad, according to deputy finance minister Datuk Amiruddin Hamzah.

Looking at the country's achievement after being crowned as the global leader in Islamic banking, he said Malaysia is capable of leveraging the talent in a nation that could generate huge employment opportunities.

 "We are seen as a pioneer in Islamic banking and we want to maintain that position. This sector is able to offer the best career opportunities and many of our graduates are in Islamic banking. 

"This 'takaful' ïs not only for usage in the country, we are planning to export the talent to be used in other countries,” he said this when appearing as a guest on the 'Bicara Naratif'’ on the Finance Ministry achievements in 2019 programme, which was aired live on Berita RTM Facebook page last night.

Elaborating further, Amiruddin said the Islamic banking sector is expanding rapidly at the world stage and even less Muslim countries are fighting to become a global hub in the field.

"For example in London (United Kingdom), we know they are financial hub conventional but they also see this opportunity and act to be an Islamic financial hub (after) looking at the potentials (it has),”  said Amiruddin, who has been given the mandate to head the Special Committee on Islamic Finance (JKKI).

Last August, the Ministry of Finance announced the establishment of the JKKI to promote and encourage the development of Islamic Finance, in addition, it is aimed at firming up the direction for promoting Malaysia as a global leader in Islamic finance, especially in the Sukuk market.

 Meanwhile, Amiruddin also stressed that the Pakatan Harapan government had never promised that they would fulfill all the promises outlined in the manifesto during the 14th General Election (GE14) at once in the short term.

" What we (PH) can do quickly, we do. For example, our promise to abolish the GST (then goods and services tax) was one of the strongest complaints among the people that resulted in the rising cost of living.

"That's what we do and we implemented it quickly without spending money. But, after GST is abolished, the government's revenue falls short,” he said, adding that the government is looking for alternative income sources to replace it.

Furthermore, he also explained on issues related to tolls were not easy to abolish because the government had to pay for the investment made by the concessionaires.

"When we abolish (tolls), we need to pay compensation and so on, so it involves financial implications that we need to review it more thoroughly.

"However, our desire and commitment were to reduce in toll rates but not to eliminate it. We are looking into the matter most likely, Insya Allah (God Willing) after these studies are completed,” he said.

In another development, Amiruddin said Sabah and Sarawak were not sidelined by the Federal government as special attention was given to both states in the 2020 Budget.

"We will continue with the projects related to water supply, to ensure electricity supply reaches the interior.

"We also provided a special budget to repair dilapidated schools in Sabah and Sarawak to ensure the children can study in a more comfortable and conducive environment,” he said.

Amiruddin added these aspects had been given attention by the government as both Sabah and Sarawak have been among the states with the biggest spending component.