IslamicFinance.de

The idea of having a common currency and a global Islamic mega bank among the Muslim countries is quite remote at the moment and the focus should be on increasing intra-trade, said Prime Minister Datuk Seri Mohd Najib Razak.
Najib said while talks of having a mega global Islamic bank have been on the table for some time, the idea has not materialised.
“There have been some attempts to establish a global Islamic mega bank, but it has not materialised yet. I think there are some challenges to be put together, in a serious fashion, for a mega Islamic bank. Effort should continue,” he said at a press conference at the World Islamic Economic Forum (WIEF) in Kuala Lumpur yesterday.
Najib cited the example of the European Union’s (EU) challenges in adopting a common currency as a reason why the idea of a common currency among Muslim countries is remote.
“I think it is quite remote to have a common currency among the Muslim world. I don’t think we should imply to go down the path as EU was also at the point of breaking up at one time. It is not a feasible option but what we can do is increase the intra-trade among Muslim countries.
“We should leverage on our Islamic connection to increase trade and investments as well as economic linkages. That should be the way forward,” he said.
Najib officiated the 11th WIEF, which is a three-day event discussing, among others, Islamic fashion, Islamic social finance, halal food industry, artificial intelligence, empowering women, and small and medium enterprises.