Austrade media release
25 October 2010
To enhance the trade and investment opportunities between Australia and Malaysia across the financial services sector, the Australian Trade Commission (Austrade) will participate in the Global Islamic Finance Forum (GIFF) 2010 in Kuala Lumpur from 25-28 October, 2010.
Initially held in 2007, GIFF 2010 is themed 'Islamic Finance: Opportunities for Tomorrow' and is being hosted by Bank Negara, Malaysia‘s Central Bank.
Austrade's Global Manager - Financial Services, Gary Johnston said GIFF 2010 will provide a platform to demonstrate Australian capabilities and offerings to key players in the Islamic finance market.
"Australia is known for its expertise in more complex financial engineering and experience in infrastructure, property, resources and agricultural financing – skills which are highly relevant in the manufacture and development of Islamic financial products," Mr Johnston said.
"Given Australia's abundant resources and its strategic location and strong trade links with the Asia-Pacific region, the fastest growing region in the world, Islamic finance has considerable potential to become an important element in Australia‘s aspirations to be a global financial services centre in the region," he said.
Mr Paul Martins, Austrade's Kuala Lumpur-based Senior Trade and Investment Commissioner, said GIFF 2010 provides a platform to discuss and exchange views and insights on the growth potential and opportunities in the internationalisation of Islamic finance, in particular in Malaysia and the broader ASEAN region.
"Malaysia‘s Islamic banking industry grew at a compound annual growth rate (CAGR) of 20.2 per cent during 2005 -2009 to reach A$83.77 billion or 16.4 per cent of total assets of the Malaysian banking sector," Mr Martins said.
"During the same period, total Islamic banking deposits reached A$67.68 billion, representing 17.8 per cent of total deposits in the local banking system.
"Australia‘s stable and well-respected economy places Australian companies in a favourable position to advise, train, implement and consult on many areas of the sector.
"Additionally, with the Financial Services MOU between Australia and Malaysia signed in May this year as a platform, Australia is strategically poised to learn and benefit from Malaysia, capitalising on opportunities across a variety of niche areas in Islamic Financial services," Mr Martins said.
Austrade, in partnership with the Victorian State Government, will host an Australian Stand at GIFF 2010 as well as a series of events, which showcase the strength of Australia‘s financial services sector and opportunities for Islamic finance in Australia.
A networking function with key players from financial services and integrated industry sectors in Malaysia and representatives from other ASEAN markets will also be co-hosted by Austrade, the Victorian State Government, and ANZ, the only Australian bank with a presence in Malaysia.
Mr Martins said Austrade and Bank Negara Malaysia will also hold an invitation-only Australia-Malaysia business roundtable which will focus on key areas of potential collaboration for developing business linkages between Australian and Indonesia in the area of Shariah finance and Shariah compliant products and services.
"The roundtable will focus on potential joint venture alliances and two—way investment opportunities in the Islamic finance sector and across the broader financial service spectrum.
"This provides Australian delegates with the opportunity to directly engage with influential market players and establish relationships for future business outcomes. Austrade will also officially launch its Islamic Finance publication in the ASEAN region during GIFF", Mr Martins said.
Malaysia is Australia‘s 11th largest trading partner. In 2009, two-way trade was worth over $10.5 billion, almost 25 per cent more than its value in 2005.
Available for interviews:
Gary Johnston, Austrade‘s Global Manager - Financial Services
Paul Martins, Austrade‘s Senior Trade and Investment Commissioner for Kuala Lumpur
ENDS
Media contact
Sarkis Khoury, Austrade Senior Media Adviser, T: 02 9392 2118 or M: 0414 401 072
|