Najib on need for revolutionary Islamic finance method

Prime Minister Najib Razak pointed out that Islamic nations have limitless potential. — file pic
Prime Minister Najib Razak pointed out that Islamic nations have limitless potential. — file pic

KUALA LUMPUR, Oct 21 — The Muslim world needs to develop a revolutionary method in Islamic finance to allow entrepreneurs and financiers to leverage each other to contribute to the nation's economic growth sustainability, Datuk Seri Najib Tun Razak said.

The prime minister said Islamic countries had made remarkable progress and became a significant group in the global economy as the total gross domestic products of the Organisation of Islamic Cooperation (OIC) countries had grown to US$9.4 trillion (RM30.65t) in 2012 from US$7.5 trillion.

The numbers showed that the Muslim world has limitless potential, he said in a keynote address at the Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank (ADFIMI)-SME Bank International Forum 2014 here today.

“The Muslim world through organisations, such as ADFIMI, must continue to emphasise that Islamic nations are peaceful sovereigns and a source of prosperity for the world.

“Our potential is enormous if we are organised and get our act together,” he said. — Bernama

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