There are multiple opportunities in Association of Southeast Asian Nations (Asean) countries to promote Islamic Finance, through which Halal Industry can be flourished rapidly in the region.
These views were expressed by Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics (CIBE) during his speech at "First National Halal Forum" in Manila, which was organised by Department of Science and Technology, Government of Philippines at a local hotel (Shangri-La Makati) on October 29-30, in order to grow Halal Industry and Economy on both regional and international level.
During his address to the Forum, he stated that Islamic Finance and Halal Industry were complement to each other. Micro and Small Medium Enterprises (MSME's) could be energised by utilising Islamic Finance concept in the region to reduce poverty and ultimate socio-economic prosperity in the Asean member countries.
He, presenting an analysis on Asean countries (Malaysia, Indonesia, Brunei Darussalam, Loa PDR, Myanmar, Singapore, Thailand and Vietnam), stated that the approximate total population of Asean countries was 600 million including the Muslim population more than 40 percent (240 million), which was a potential indicator for Islamic Finance growth whereas in Malaysia, Indonesia and Brunei Darussalam already had significant contributions in Islamic Banking, Takaful, Sukuk and Islamic Funds, while Philippines and Thailand were being considered as future potential markets for Islamic Banking and Finance in Asean countries.
He explained that Islamic Banking and Finance was the system not a religion which could be utilised by Muslim and Non-Muslims to get absolute benefits from the best services of Islamic Banking and Finance as its best example was the South Africa where Muslim population was less than two percent of the whole population but it had more than five Islamic Banks, 13 Islamic Funds and two Takaful companies working actively, which were equally famous among Muslims even non-Muslims communities because of their best practices and services.
He said Philippines was an important country of the region with having 100 million populations, approximately, containing Muslim population by more than seven percent which bore it out that there were momentous chances for the promotion of Islamic Finance and, apparently, government of Philippines found active in that concern and it would, definitely, energise Islamic Banking and Takaful in result.
He also stated that government of Philippines could generate financial resources for national level mega projects by utilising the concept of Sukuk (Islamic Bonds).
National Halal Forum continued for two days at Manila where experts from different countries of the world participated including Pakistan, Turkey, Malaysia, Indonesia and Thailand.