The plan, the first of its kind globally, is also aimed at developing the country as an international provider of Islamic wealth management services.
It was launched by Second Finance Minister Datuk Johari Abdul Ghani at the International Fund Forum 2017 in Kuala Lumpur on Thursday.
The 51-page blueprint comprises three strategic thrusts, namely, strengthen Malaysia's position as a global hub for Islamic funds, establish the country as a regional centre for shariah-compliant sustainable and responsible investment, and develop it as an international provider of Islamic wealth management services.
"The Islamic wealth management industry is still at a nascent stage of development as compared with other segments of the Islamic capital market.
"Malaysia, with its comprehensive Islamic finance ecosystem and track record in innovation, is at an advantageous position to play a lead role in shaping the concept and driving the development of Islamic wealth management services," the blueprint highlighted.
It also outlined 11 recommendations for Malaysia to achieve the desired status by 2021, and which focus on addressing impediments to growth and innovation, while identifying potential opportunities for collaboration and partnerships, as well as accelerating the process of building scale.
The recommendations, among others, provide enabling frameworks to support innovation in Islamic markets, enhance market access and international connectivity, promote the growth of private equity, as well as spur institutional participation in Islamic funds.
It also includes facilitating new digital business models, products and services for Islamic fund and wealth management, develop facilitative market infrastructure for Islamic wealth management, and fortify talent pipeline for Islamic wealth management.
As Malaysia operationalises the blueprint, utmost attention would be given to the phased implementation of initiatives under the respective recommendations.
It is recognised that there might be further shifts that would influence the dynamics of the global and domestic marketplace, including the emergence of new factors.
Therefore, the recommendations are designed to provide sufficient flexibility within the overall objective of the blueprint to enable appropriate adjustments and realignment in such situations. - Bernama