More listed Islamic finance institutions is needed, says Abdul Wahid

KUALA LUMPUR- Minister in the Prime Minister's Department Abdul Wahid Omar launches 2015 Millenium Development Goals Report at Putra Hall, B1, Putrajaya International Convention Centre at 0900 (0100 GMT)

KUALA LUMPUR: The listing of more Islamic financial institutions on Bursa Malaysia is needed to boost the Islamic fund and wealth management industry going forward.

Permodalan Nasional Bhd (PNB) group chairman Tan Sri Abdul Wahid Omar said this would also strengthen Malaysia’s position as a global hub for such funds.

He said of the 672 shariah compliant securities listed on the local bourse, only two were from the finance sector, namely BIMB Hodings Bhd and Syarikat Takaful Malaysia Bhd.

“The finance sector has thus the lowest number of shariah compliant listed securities available. It also places the percentage of Shariah compliant securities under the sector at only 6%,” he told the International Islamic Fund and Wealth Management Forum here today. - Bernama