IslamicFinance.de

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 Abdul 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 in 2012 from US$7.5 trillion. Moreover, he said as an Islamic finance pioneer, Malaysia could and must play an influential role in ensuring the sector's future development. The government aimed to increase the SME macroeconomic contribution to 41% of the GDP, 62% of employment and 25% of exports by 2020, he added.