ISLAMIC banks should be more
"entrepreneur-friendly", said His Royal Highness Prince Hj
Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime
Minister's Office, by offering a variety of Syariah-compliant financing methods
that will help Muslim businesses become successful.
"Such efforts
support His Majesty's wishes to enhance the 'Ease of Doing Business' in the
country," he said at the International Conference on Islamic Finance held
at the Rizqun International Hotel yesterday.
In a sabda, the crown
prince said while the industry must fulfil the tenets of Syariah law, it must
still be able to compete with the conventional finance industry to offer
customers benefits, particularly those that require financing facilities.
He also mooted the
creation of a regulatory system for the Islamic finance industry with
comprehensive legislation and guidelines to support it.
"Regulations and
legislation in the conventional financial system still need to be improved and
upgraded," he said.
"At the same time,
we need to create a regulatory system with comprehensive rules and legislation
(within the Islamic finance industry)."
HRH lauded Universiti
Islam Sultan Sharif Ali (UNISSA) for organising the "timely" event,
encouraging scholars and experts from the region to come up with sound
solutions to further develop the Islamic finance system.
Quoting statistics, the
crown prince noted that the industry is undergoing rapid growth with assets
valued at US$1.1 trillion - at an annual growth rate of 15 to 20 per cent - and
is predicted to reach US$2 trillion in three to five years.
With public confidence in
conventional finance shaken after the global economic crisis, and many
countries still in a fragile financial state, Islamic finance offers an
alternative to investors, he said.
The three-day conference
will host scholars and experts from Brunei, Malaysia, Singapore, Indonesia and
Kenya and is jointly organised by UNISSA and the International Shari'ah
Research Academy for Islamic Finance, Malaysia.
QURATUL-AIN BANDIAL
The Brunei Times
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