1. CENTRE OF ISLAMIC
BANKING & ECONOMICS
Press Release
ASEAN Countries have big potential for Islamic Finance: Zubair Mughal
Halal SMEs can be grown-up through Islamic Finance
31/10/2012
(Manila - Philippines) There are multiple opportunities in Association of Southeast Asian Nations
(ASEAN) countries to promote Islamic Finance, through which Halal Industry can be flourished rapidly
in the region. These views were expressed by Muhammad Zubair Mughal, Chief Executive Officer,
AlHuda Centre of Islamic Banking and Economics (CIBE) during his speech at “First National Halal
Forum” in Manila which was organized by Department of Science and Technology, Government of
Philippines at a local hotel (Shangri-La Makati) on 29th- 30th October, 2013, in order to grow Halal
Industry and Economy on both regional and international level.
During his address to the Forum, he stated that Islamic Finance and Halal Industry are complement to
each other. Micro and Small Medium Enterprises (MSME’s) can be energized by utilizing Islamic
Finance concept in the region which will be cause to reduce in poverty and ultimate socio-economic
prosperity in the ASEAN member Countries. He, presenting an analysis on ASEAN countries (Malaysia,
Head Office:
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2. CENTRE OF ISLAMIC
BANKING & ECONOMICS
Indonesia, Brunei Darussalam, Loa PDR, Myanmar, Singapore, Thailand and Vietnam), stated that the
approximate total population of ASEAN countries is 600 million including the Muslim Population more
than 40% (240 million) which is a potential indicator for Islamic Finance growth whereas in Malaysia,
Indonesia and Brunei Darussalam already have significant contributions in Islamic Banking, Takaful,
Sukuk and Islamic Funds, while Philippines and Thailand are being considered as future potential
markets for Islamic Banking and Finance in ASEAN countries.
He explained that Islamic Banking and Finance is the system not a religion which can be utilized by
Muslim and Non-Muslims to get absolute benefits from the best services of Islamic Banking and
Finance as its best example is the South Africa where Muslim population is less than 2% of the whole
population but it has more than 5 Islamic Banks, 13 Islamic Funds and 2 Takaful companies working
actively, which are equally famous among Muslims even non-Muslims communities because of their
best practices and services. He said that Philippines is an important country of the region with having
100 million populations, approximately, containing Muslim population by more than 7% which bears
it out that there are momentous chances for the promotion of Islamic Finance and, apparently,
government of Philippines found active in this concern and it will, definitely, energize Islamic Banking
and Takaful in result. He also stated that government of Philippines can generate financial resources
for national level mega projects by utilizing the concept of Sukuk (Islamic Bonds).
National Halal Forum continued for two days at Manila where experts from different countries of the
world participated including Pakistan, Turkey, Malaysia, Indonesia and Thailand #
Head Office:
192- Ahmad Block,
New Garden Town Lahore, Pakistan.
Ph: +92-42-35913096-8
Fax: +92 -42-35913056
E-mail: info@alhudacibe.com
Website: www.alhudacibe.com