Sunday, January 06, 2013

Not your average Muslim country ..

"... (Malaysia) is the world’s most important Islamic-finance centre. Just over a fifth of the country’s banking system, by assets, is sharia-compliant; the average for Muslim countries is more like 12%, and often a lot less. Malaysia dominates the global market for sukuk, or Islamic bonds. The country issued the world’s first sovereign sukuk in 2002; in the first three quarters of 2012 it was responsible for almost three-quarters of total global issuance ..."
The prolific commenter Warrior 231 reminded me in his latest comment (just in case Anwar Ibrahim, the ex Finance Minister, plans to claim the credit, he said) that Dr Mahathir Mohamad was the Prime Minister  when the world's first sovereign sukuk was launched by Malaysia tercinta10 years ago. He provided me with this link to The Economist's latest take on us:

Islamic finance

Banking on the ummah

Malaysia leads the charge in Islamic finance

OF MALAYSIA’S claims to fame, leadership in financial services is not an obvious one. Yet in some ways the country is the world’s most important Islamic-finance centre. Just over a fifth of the country’s banking system, by assets, is sharia-compliant; the average for Muslim countries is more like 12%, and often a lot less. Malaysia dominates the global market for sukuk, or Islamic bonds. The country issued the world’s first sovereignsukuk in 2002; in the first three quarters of 2012 it was responsible for almost three-quarters of total global issuance (see chart). Malaysia is also home to the Islamic Financial Services Board, an international standard-setting body.
These are big achievements for a relatively small country of just 30m people, of whom only about 60% are Muslim. In neighbouring Indonesia, which is home to the largest Muslim population in the world, only about 4% of the financial sector is sharia-compliant. Although the much richer Gulf states and Saudi Arabia have bigger Islamic banks, it is Malaysia, argues Iqbal Khan of Dubai’s Fajr Capital investment fund, that is the centre “for thought leadership in Islamic finance”.
How did the country carve out this niche? Malaysia’s Muslim heritage, outward-looking nature and links with financial hubs like Britain and Singapore made the place a natural candidate to bridge the worlds of religion and capitalism. The central bank, the Bank Negara Malaysia, is also supportive.
Two institutions in particular, both set up by the central bank, have contributed to Malaysia’s pre-eminence in the field. The first is the International Centre for Education in Islamic Finance (INCEIF). Established in 2005 and boasting about 2,000 students, INCEIF is the world’s leading university for the study of Islamic finance. The International Sharia Research Academy, housed within INCEIF, brings together scholars to produce an internationally acceptable rule-book for Islamic finance.
The second institution is the Islamic Banking and Finance Institute of Malaysia (IBFIM). It concentrates on vocational training, offering a variety of certificates in Islamic finance. IBFIM also acts as a consultancy to banks and firms that want to become sharia-compliant.
Zeti Akhtar Aziz, the head of the central bank, says that these bodies are the “pipeline to provide the banks with talent”. And not just in Malaysia. There are currently students from 80 countries at INCEIF; and IBFIM has taught people from Afghanistan, Nigeria, Palestine and elsewhere.
All of which gives Malaysia greater status within the ummah, the global Islamic community, important to a country that often feels on the periphery of the Muslim world. There are more tangible benefits, too. The Islamic subsidiary of Maybank, a big local lender, already accounts for about half of the group’s customers and is expanding abroad: it set up a subsidiary in Singapore 18 months ago and has also moved into Indonesia.
Ms Zeti argues that sharia-compliant banks are inherently more stable than conventional peers. Speculation is forbidden, and because charging interest is prohibited under sharia law, returns are based on profit-sharing. Perhaps. Islamic finance is hardly foolproof: Dubai’s debt crisis in 2009 showed that sukuk can help to inflate debt to unsustainable levels. But whatever its pros and cons, Malaysia will provide much of the evidence either way.


  1. Anonymous8:17 pm

    Malaysia is 1st in the world for Islamic bond sukuk issuance. It also ranks 2nd or 3rd in the world for illicit money flow.

    I wonder if there is any coincidence?

  2. Anonymous9:16 pm

    Rocky, can go ask Madey who hijack the death railway money ar ??

    dengar kata Japan bayar gomen RM207 billion in the 90's apa pasal Madey tak announce ? duit orang mati pon mahu sapu ke ?? adakah sapu wang orang mati pon shariah compliant ala UMNO ?

  3. Anonymous9:19 pm

    The prolific commenter Warrior 231 ... kah...kah...kah...

  4. And the Pas people said those who support this BN government are infidels or apostates. Their idea of being Islamic is preaching hate and condeming those who disagree with them. They would hardly understand what true Malaysian Muslim leaders' had achieved that this country, despite its only 60 % Muslim population, is now a respected entity among the Islamic nations.

  5. A real pain in the ass11:57 pm

    Sukuk?What Sukuk you mumbling about?Being the first issuer from the world's very top rated corrupted countries,if I were you I would watch my ass,Rocky.Keep your ass under chains with a huge padlock and throw the blurdy keys away for safe keeping.Hehehe.

  6. Rocky.... you better talk as much as you can...carrying Mahathir's and Najib's balls.... as high as you can...for after 94 are jobless.

  7. Anonymous1:13 am

    Part 1
    I only wish to dwell on the positives, Rocky. Let banshees wail their frustrated angst, and scream their impotent rage to whichever zombie troll who wants to lend an ear. Negativist failures in life are not going to change one iota fro they have imprisoned themselves in their own hatred. So let the crow caw for all it cares as much as the idiot spins hocus=pocus links to satiate his inferiority complexed fueled envy. It is par for the course for them so we will leave them to wallow in their own shit….
    Me? I look at this as yet another example of Malaysia arrivistide on the global stage tailgating our IPO successes last year, the impressive GDP growth rates, the elevation in the competitiveness rankings, the surge in the KLCI indice to dizzying heights untouched ever before, the influx of FDIs and the general economic well being suffusing the land. It speaks volumes of our government’s foresight that Sukuk and by extension Islamic finance is now an indispensable of the global financial architecture:

    Why global sukuk issuance even surpassed Pemandu’s initial projection by almost 20billion:$125b_in_2012.aspx

    with Malaysia’s 80% share exceeding all earlier projections:

    with even Thomson Reuters establishing a Sukuk index

  8. Anonymous1:19 am

    Part 2
    I took a two month sojourn with 9 of my close pals, through the heartlands of Malaysia, the bustling towns, the rural kampongs, the rustic hamlets wherein simple, honest folks toil to put bread and butter on the table and in the process contribute in their own significant ways to the GDP which individually might appear a stream but collectively resemble a tsunami.
    In the eyes of the 11648 folks we met, the country is heading in the right direction with 82% of the Malay respondents and 77% of the Indians evincing a preference for the BN. It is only amongst 77% of another ethnic (I will call it another for its not even worth mentioning something so petty, dishonourable and disgustingly childish in outlook and juvenile in its ways), that the scales slant elsewhere. But that is tobe expected considering that decent values like gratitude, satisfaction, tolerance, give and take are totally absent in that ethnic driven as it is by a piggishly voracious appetite to coral everything to satiate an infernally inferiority ridden complex. But that’s another story waiting to be told. I estimate BN will take between 148-155 seats based on current sentiments, but that’s another story ..suffice to say that I am not the type of expert who dangles his legs over some dang sofa’s armrest and dials his mule tethered either in some god-forsaken dinghy pimphouse, behind some roadside now-you-see now you-don’t counterfeiting joint or some tacky gambling joint or manning some illegal lending hellhole to generate a slew of sophisticatedly prepared data in rendered in Technicolor to be published by some online cheapskate rag self-deceiving itself as to its own readership and influence and commented upon by sliteyed pigs who have no inkling of ground realities. No me and my pals we, don’t go there ever nor bother when najib calls the day, we shall see who’s gonna have their arses chomped off….Ok I will stop the digression……

    The ascendancy of Malaysia also underscores another point that should not be given short shrift by the powers that be i.e,the subtle development of an Islamic financial architecture without the attendant bells, whistles, bullhorns and claptrap. The achievement highlights how the Malaysian government’s pragmatic approach in advocating Islam-based solutions to intractable socio-economic problems has paid dividends in positioning an Islam-based financial architecture on the global stage. That this has been achieved without upsetting the conventional system shows how astute planning and wal-hikmah approach will yield the desired outcomes. Increasingly, the global community are embracing Islamic finance as alternative source of funds:
    Seen from this perspective, the success shows how the BN, and by default UMNO’s considered tactical and strategically planned approach is very much superior to the helter-skelter bombastic and empty rhetoric mechanism adopted by PAS in terms of embedding Islamic systems and structures within secular and multiethnic and multicultural polities. By taking a pragmatic, non-confrontational approach and by pushing the agenda via the lines of least resistance, the Malaysian government has successfully positioned Islamic Finance as a viable financial alternative to the current problem-riddled conventional system mired in a liquidity trap and floundering in risk aversion. Such has been the receptivity to Islamic Finance that MNCs the world over are embracing it with gusto (examples in links 1-3)) with even trenchant secular states adopting it (link 4).


  9. Anonymous1:22 am

    2. Ireland has sought to position itself as a financial services hub and identified Islamic finance as a growth area. In June, Dubai's Jebel Ali Free Zone listed a $650 million, seven-year sukuk on the Irish stock exchange.
    "There is the political will and determination to develop Islamic finance," said Neil Ryan, assistant secretary for the financial services division of Ireland's Department of Finance.


    Why even Malaysia’s own Sukuk was accorded the gold standards and was oversubscribed 6 times:
    "The success of the global emas sukuk is indeed an international recognition and endorsement of Malaysia’s credit story and confidence in the reform agenda of the New Economic Model under the leadership of Prime Minister Datuk Seri Najib Tun Razak.
    “Our sukuk offering was priced at the lowest yield achieved by an Asian sovereign in the past five years notwithstanding volatile market conditions. We also had wider investors base from Asia, the Middle East, Europe and the US. This is a great achievement for Malaysia.”

    Part 3
    With a surfeit of such good tidings widely available on the web, it should be of little surprise that I chose to dwell on the implicit implications that can drawn from this success.

  10. Anonymous1:26 am

    Sukuk and by default Islamic Finance’s global emergence through the al-hikmah strategy adopted by the government (underpinned by UMNO) affords a study in contrast to the abrasive and confrontational attitude adopted by PAS with regard to another Islamic paradigm i.e within the legal framework. I am referring of course to Hudud and its companion, the syariah. Bluster and empty mindless rhetoric infused with bouts of incendiary yet impotent rage about Hudud’s implementation has been the de riguer of the PAS approach. The clock has been ticking for over 22 years since PAS reclaimed Kelantan and triumphantly proclaimed that the state would be the first blessed recipient of Allah’s law (or Pas’ interpretation of it). Enactments were drafted but they remain mere scribbling on yellowing parchments with no serious attempt, administrative, judicial or extrajudicial to implement Hudud as law.

    Pas can rouse its fanatics to roll on the streets of Kuala Kangsar against a Muslim Sultan in 2009, it can mobilize its illiterate mobs to lend muscle to a kaffir, female-led Bersih 2, command its sheep like followers to reinforce the thin Chingkie ranks during the anti-ISA rallies or instruct its ketayaped lackeys to lend numbers to the Chingkie helmed anti-Lynas rabble and Penggerang brigades. It can do all that with impunity as no questions are forthcoming or even doubts raised by its pliant lembus. But it cannot invoke the same to take to the streets to demand Hudud, funny isn’t it?

    Maybe it has eschewed the streets for Hudud, but the pathetic sight of DAP constantly ridiculing and shouting down a timorous PAS is a reflection of how PAS has failed abjectly even in terms of using the persuasive, intellectual pathway. This sheer inability of PAS to implement even one sliver of its claimed Islamic agenda is an indictment of PAS and its philosophy as a whole. It a damning verdict on the PAS’ leadership that it could not use the pragmatic approach (wal hikmah) as expostulated in the Quran to achieve its goal. Its also reflects how its obscurantist, medieval theological construct hobbles it from adapting approaches more suited to contemporary exigencies, and how PAS’ lack of finesse, intellectual nous, tactical subtlety has finally compelled it to self cannibalise its own agenda in fear of the DAP and a certain minority ethnic.

    The Kalimah Allah issue is another example of how PAS was unable to wield wal hikmah as a tool to convince its kaffir allies as to the erroneous nature of their rationales. That it capitulated to surrendering an Asma-alhusna reserved solely for Islam’s Almighty is an implicit admission that PAS is totally incapable of using subtly planned stratagem and well thought out arguments to debunk the nonsense generated by the racist, anti-Malay/Islam DAP.

    Anwar Ibrahim for his part,however, was never an advocate for Islamic finance and thus will remain largely unmentioned and anonymous in my take but it would be a mistake to stop at not highlighting Anwar bin Ibrahims’s predilections. For wasn’t he a staunch advocate of IMF-like measures and a fawning admirer of Camdessus, did he not embrace unrestrained capitalism as his mantra during his tenure, did he not cultivate affable relationships with renowned Jewish financial “crooks” like Robert Rubin, Larry Summers (who were partially responsible for the GFC of 2008 …. The less said the better.

    Given this scenario, isnt it any surprise as to why a substantial majority of Malays will vote for BN come GE13 for in the end only BN and by default UMNO has shown its capacity in advancing the cause of the Ummah while preserving the sanctity of our Akidah. Enough said.

  11. Anonymous6:03 am

    Illicit money flow takda kaitan dgn islamic banking.

    Death railway bukan topik entry blog ni. Sila belajar etika mengomen.

    Yes he was prolific. Any comment on the article by the Economist?

  12. Journalism is dead..where ever a country is under Dictatorship rule.
    To survive...guys like Rocky has to dance to the tune to please his master for money.
    Millions refuse to dance and hold their heads high....being self employed or working for commercial firms...not controlled by UMNO b.
    95 days to 13th GE.
    History will be created.
    "RAHMAN" ends with an "N"
    Father of Independence...our beloved Tunku Abdul Rahman will soon rest in peace.

  13. charleskiwi7:53 am

    Do you know that $10- is 10% of $100-. but $10- is only 1% of $1000- ? Therefore please don't demonstrate your ignorance of figures. Is this how you and your gang are blowing up most of the issues raised in your blogs by you and your pack of liars !

  14. Anonymous9:34 am

    Apa macham about the Japanese payment for those dead folks building that railway line with blood?
    Ask that bloody thieve Maha what he did with that money?
    Thats if you have that bola to do so?

  15. monsterball,

    why can't you argue like warrior? come on! earn your cybertrooper's paycheck. jangan makan gaji buta.

  16. Anonymous10:36 am

    here the links who want to know Japanese payment... jangan denfar ceramah sahaja.. nanti sakit kepala!!

    - i need to learn excel more -

  17. Anonymous11:41 am

    I think it was the BBMB that started this Islamic finance thing. Credit should be given to it even though it was known as "Bank Bagi Melayu Bankrup" at that time by some ungrateful borrowers. Of course the Tun did play a big roll.

  18. Jasper Bloodstone12:42 pm

    And yet, in spite of all the superlatives, Malaysia's credit rating is only A-, while certain other countries (which shall remain nameless) have a persistent credit rating of AAA.

    Oh, wait - maybe the rating agencies have got it all wrong and Malaysia is the undiscovered, unheralded and unpolished "rough diamond"!

    Yup, that may be it.

    Maybe such Pollyannaish views may be enough to convince those cognoscenti and sophisticates who believe that the BN can do no wrong and who are more sinned against than sinning.

    I note that in a recent high-profile international conference on Islamic finance that was held in Johor Bahru, the Finance Minister from a neighbouring country (which shall also remain nameless) was invited to be the keynote speaker.

    Funny that, given that there is no shortage of financial experts in this fair country of ours who could have just as easily given a keynote speech.

    It seems to me that the euphoria over Islamic financing needs to be tempered with a strong dose of reality.

    Starting with just who are the leading global financial centres.

    Care to do the honours, Bru?

  19. Anonymous2:45 pm

    alahai... manis dibibir and on paper aje. Sound so perfect ye.Nak tunjuk the world konon.In reality people like me and mine work like mad to own whatever we have. Bila mintak pinjam duit tak pernah lah dapat. Kita tau lah siapa yg beruntung sangat.

  20. Anonymous3:12 pm

    wave33, is that your score for the IQ test?

    such imbecile comments coming straight from the butt instead of the brains

    aahhh ... I see - wave33 is the latest bidet - to wash the butt in waves of 33 spurts

  21. Anonymous3:19 pm

    Surely the pakatan bozos have a slew of intellectuals to articulate their policies and programmes

    instead of depending on confirmed retards like paramparah, midgetballs, goatfarter, bloodystone, donplaypuk, tsunami33 and other retards

    so far it is definitely a waste of resources to read their comments

  22. 94 days and counting.
    Tis the period to be calm and patient...waiting for the mother of all mothers General Elections.
    A warrior need not talk or shout like Rocky in every post.
    A wise Mahatma Gandhi spoke with no fear...non violence with disobedience...until the enemy saw the wisdom to surrender.
    In Malaysia....hornbills are strap with rockets...warriors are alert...strong and ready...protecting...Anwar from Umno youth gangsters ....trying to hurt him.
    Hornbills with rockets are focusing to free Sarawakians.
    When PR occupies JayaPutra....lets see how smart Mahathir's sons ...Najib's brothers....Dollah's family...all call supernatural smarter that all Malaysians....becoming multi billionaires..where the Umno B goons in this blog keep proud they are...with these Malays....controlling all the big businesses..where crumps of bread thrown to them....satisfied like drug addicts...knowing not they have been had.

  23. Anonymous3:23 pm

    haiya bloodystone

    tak habis habis dgn ranking, hullo ranking is linked to politics and lobby groups

    go monitor the sex scandals in the sin city

  24. Shallan4:57 pm

    Anon 3:23 PM

    Instead of going off on irrelevant tangents, why don't you address the points made by Bloodstone?

    Credit ratings are in the public domain, together with the underlying rationales. If you wish to dispute the rationales, make your case.

    The sizes of the "conventional" finance industry and the Islamic financial industry are also on record. Which is bigger?

    The list of global financial centres can easily be Googled. I would hazard a guess that London, New York, Hong Kong, Singapore and Tokyo come within the top 10. I doubt if KL made it to the top 10 list; if it had, the government would have publicised it.

    And it's also a matter of record that Tharman Shanmugaratnam was the keynote speaker at the recent international Islamic finance conference in Johor Bahru. I seem to remember that there was a photo of him with PM Najib at this conference.

    In fact, the organisers of that conference should be asked why this particular Finance Minister was invited to be the keynote speaker at a conference devoted to Islamic finance.

    Maybe, it's "agnostics" versus "believers"?

  25. Anonymous4:59 pm

    Dream on! Of course your warrior (Tokong Joseph LGE) cannot make noise anymore. Cannot count 2000 votes want to badmouth SPR???? Ambiga BerSHIT also cannot talk already becoz the so-called free and fair elections in DAP already very malu-ful! Suggest she now go running to Australia to get supervisors for a new election for DAP's CEC!!

    Anuwar can start packing his personal belongings to live in the USA becoz he will be HISTORY after PRU13. There, he can "liwat" all he wants...heh...heh!

  26. Anonymous5:06 pm

    Of course your warrior (Tokong Joseph LGE) cannot make noise now becoz 2000 votes cannot count but want to critise SPR? Ambiga BerSHIT also cannot make noise becoz the shit has hit her face too. Suggest Ambiga now make another trip Down Under to appeal for the Mat Sallehs to supervise a fresh election for DAP's CEC. She must be impartial lah...jangan tahu kutuk BN/UMNO saja!

    ANUwar PGayR can also start packing his belongings to migrate to USA becoz he will be HISTORY after PRU13. There, he can "liwat" all he wants!!!!

  27. Anonymous6:15 pm

    More good news lauding the calm and efficient stewardship of the Malaysian economy which will leave poverty king Niki aziz, low growth/no growth maven Lim Guan Eng, the help friend by doubtful land purchase Khalid staring wide eyed and collectively cockscratching their mentor's arsehole for liquid solutions.

    After upgrading Malaysia' ratings which can be viewed here:

    and whose content and methodology is accessible here:

    Moody's had this to say about its decison:

    The decision to readjust the country ceilings for Malaysia is based on its assessment of moratorium risks given the country's ability and willingness to service both its public and private cross-border debt obligations.

    Largely due to healthy current account surpluses, Malaysia has amassed a substantial foreign exchange reserve buffer over the past decade and especially since the global financial crisis, it said.

    Simultaneously, Malaysia had continued to rely primarily on LC instruments for financing -- 96.5 per cent of direct government debt is denominated in ringgit as of the third quarter of 2012 -- and the growth of the private sector's FC indebtedness has remained manageable.

    Thus, given ample reserve adequacy, the imposition of a moratorium on foreign exchange in the event of a government default is unlikely, Moody's said.

    as for other news, it is just a matter of time this:

    Credit quality in the eurozone has deteriorated “more sharply than expected,” with non-performing loans expected to hit a euro-era high of 7.6% this year, from a forecast 6.8% in 2012.

    percolates down to SEA and permeate into the fraudulent money laundering system of a bastard nation triggering systemic meltdown as I predicted. In fact, the good news emanating from the illegitimate republic's financial networks is that the meltdown has already begun tailgating a moribund economy. Soon it will be comeuppance times for over-preening bastards who dared laugh at the integrity of others......

    Warrior 231

  28. Anonymous7:11 pm

    Sometimes I wonder whether UMNO has got the right people handling its public relations aspect. With things like sukuk, the Islamic University, the stuff below unhighlighted little wonder PAS has cornered the discourse and set the narrative to revolve around Hudud, which by the way, they cannot and DARE not implement out of fear for the DAP!

    Senang aje...list out stuff like these and ask PAS apa yang hang buat untuk naikkan Islam. Takkan dengan tanah berlambak di Kelantan industri makanan halal pun hang tak leh wat...oh kawe lupa, ayak tak dah so tok sih wat...hahahahahahaahaha

    :Malaysia, which aspires to be a global halal hub, has emerged as one of the leading players in the halal economy (which globally is a US$2.13million market)

    In 2011, the export value of halal products was RM35.4 billion or 5.1% of total exports.

    and it took a cheapskate pro-opposition rag to emblazon it across their pages....

    Warrior 231

  29. Anonymous7:14 pm

    Oops, I forgot, the only sad thing in the halal thingy is that its being done in collaboration with..yep...p--s

    Warrior 231

  30. Anonymous8:28 pm

    anon 9:34

    check your facts b4 you write like a stupid ignorant child who never had any schooling.

  31. Anonymous8:31 pm

    How to believe these pro pkr blogs? All seems to be unsubstantiated accusations. All proven to be untrue. Have stopped reading them. Not worth my time. BN it is for me.

  32. Anonymous8:52 pm

    wahh.... Monsterball comments are getting worse day by day.....that is what happen if you rely too much on PR and their medias.

    btw, DAP politicians don't know how to use excel.

  33. Carl Sagan, famously said; "One of the saddest lessons of history is this: If we’ve been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth. The bamboozle has captured us. It’s simply too painful to acknowledge, even to ourselves, that we’ve been taken. Once you give a charlatan power over you, you almost never get it back.”

  34. Carl Sagan, famously said; "One of the saddest lessons of history is this: If we’ve been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth. The bamboozle has captured us. It’s simply too painful to acknowledge, even to ourselves, that we’ve been taken. Once you give a charlatan power over you, you almost never get it back.”

  35. Anonymous10:13 pm


    I didnt know you still believe in vodoo nonsense.

  36. Anon 5.06 pm respond to my comment shows what kind of members Umno b is having.
    Read and compare.
    Mine is straight forward and clear.
    His is like a drunkard dog.. chasing his tail.
    Why get soooo irritated?
    Malaysians will be dancing at the streets all over East & West Malaysia...all night long....perhaps before GE even...his great hero has resigned....moo moo takes over and declare GE date.
    The second dancing starts after the throwing stones and eggs at PR politicians.
    All BN supporters stay at home...watching good Malaysians.
    If I siok sindiri...why not?....rocky doing it...everyone doing it.
    94 days...and counting.
    Are you idiots counting too?

  37. Anonymous3:07 pm

    anon 9:16

    awak punya mulut serupa macam mulut anwar. pandai tipu dan tuduh orang . macam orang tak sekolah.

  38. 93 days and counting!!
    Anon 3.07PM...Mulut macam Anwar lebeh biak dan mulut Mahathir sama Najib.
    Si tua mulut sama ular ada dua kepala....pusin sini pusin sana.
    si anak..bohong besar.

  39. I wonder what kind of fucking shit brain this Anon 4.59 and 5.06 PM have?
    I write seriously..he responded...
    talking cock....making a fool of himself..and laughing like a hyena.
    Actually that is a clear sign..these Umno b supporters know Anwar will be PM.
    Anwar is so gracious. Mahathir beat him...scolded him..put him into shit food for six years.
    Out come Anwar who was proven innocent and should scold Mahathir...but mamak keep scolding Anwar....making a fool of himself..where all right thinking Malaysians are laughing at that old goat....cannot sleep well...every 13th GE is just 93 days away.

  40. Anonymous9:23 am

    So an above average Muslim country prohibits some of its citizens to use the word "Allah" ? An above average Muslim country victimises its own minorities ? Is that what Islam says ?

    Pordah, Rocky. How can it be that good when you don't even try to correct the flaws ?

  41. Anonymous9:52 am

    Carl Sagan, who is he? christian god?

  42. Anonymous9:55 am

    shallan shallan it all about networking not real substance where red dot is concerned

  43. Anonymous10:31 am

    shallan shallot

    bloodystone should comment on this


    1. Anonymous6:29 pm

      Dude - what's this got to do with Islamic finance?

      In any case, for what it's worth, SIA management is being prudent in battening down the hatches and preparing for possible downturns in the airline industry.

      Back to Islamic finance, it's just one sector of the global financial industry. What percentage? That would be telling, wouldn't it?

  44. Anonymous12:40 pm

    retard @ 9:23 AM says, "An above average Muslim country victimises its own minorities"

    Yup this retard cannot differentiate between reality and nightmare, should just send him to motherland china for the communist rule to exploit

    or to caste india to build a career of gang rape

  45. Anonymous8:31 am

    I believe that the IMF has drawn up a list of 25 economies whose financial sectors are of "systemic importance" in the global financial system.

    Singapore and Hong Kong are both in this list, as I understand.

    Malaysia, apparently, is not.

    Conclusion: does the IMF believe that the Malaysian financial sector is not of "systemic importance" in the global financial system?

    Maybe it's time for those pundits who are extolling the virtues of the Islamic financial sector in Malaysia to take a reality check!

  46. Anonymous10:25 am

    anon @ 8:31 AM still believes in IMF??

    Why must you listen to a body that failed to monitor collapse of western economies

    mindset still colonised

  47. Anonymous4:01 pm

    Anon 10:25 AM

    Well - I don't see Malaysia pulling out of the IMF any time soon.

    Do you?

    Let's see the IMF's opinions when it next assesses Malaysia's financial sector.