With a dynamic business environment, excellent infrastructure and a productive workforce, there’s no looking back for Malaysia’s finance sector.
Malaysia’s is a fast-growing economy with liberal market policies targeted to promote trade and industrial development. Taking the positives from the financial crisis, Malaysia opened up new vistas and the financial sector was liberalised to enhance its linkages with international economies and promote economic regional integration. Its economy also expanded to 10.1% in the first quarter of 2010, the highest quarterly growth since 2000. During this period, the manufacturing production index rebounded strongly to a record 15.2% in the first quarter of 2009, and exports posted a robust growth of 30.8% in the first quarter of 2010,” says Malaysia’s Minister of Finance, YB Dato’ Seri Haji Ahmad Husni Bin Mohamad Hanadzlah.
Investments all the Way
Malaysia’s priority is to mobilise investments, particularly from the GCC, to unlock the potential needed to spur economic development. To give shape to these ideas, the government has introduced investment incentives, which include Foreign Ownership Rules that allow 100% foreign equity ownership in the International Islamic Bank (IIB) and International Takaful Operator (ITO). The Ministry will provide tax exemption until 2016 on the income earned from international banking as well as takaful operations that are conducted in foreign currencies.