Bank Negara Malaysia and the United Kingdom Foreign and Commonwealth Office co-hosted the second Global Islamic Finance and Investment Group (GIFIG) meeting at Sasana Kijang, Kuala Lumpur 26 February.
This meeting follows the inaugural meeting held in London in March 2014. As with the previous GIFIG, a series of discussions were held between senior government officials and business leaders in Islamic finance around the world including the UK, Malaysia, Qatar, Bahrain and the UAE. Among the institutions represented were the Bank of England, UK Treasury, Islamic Financial Services Board, INCEIF, Maybank Islamic, CIMB Islamic, and Dubai Islamic Economy Development Centre.
With the increasing internationalisation of Islamic finance, this Group serves as a platform to foster cross-border linkages between different time zones, which may lead to seamless flow of information to facilitate capital and financial flows, efficient price discovery process, enhance competitiveness and innovation, as well as maintain the vibrancy of the industry.
The meeting has agreed on the following key outcomes:
1) To improve communications to foster better understanding on Islamic finance globally; and
2) To enhance efforts to link the flow of Islamic finance funds into infrastructure needs and to support economic development globally.
The Global Islamic Finance and Investment Group (GIFIG) was established following a commitment made at the World Islamic Economic Forum (WIEF) in London, in October 2013, with the aim of identifying the key global opportunities and challenges facing Islamic Finance, and to use its extensive knowledge and expertise to create a global Islamic Finance market that supports growth and prosperity. The group includes Ministers, central bank Governors, regulators, and CEOs of major Islamic financial institutions.