Make financing easier for new growth sectors, Abdullah urges banks
KUALA LUMPUR, Dec 6 (Bernama) -- Banks and financial institutions offering Islamic financial services have been asked to make financing easier for new growth sectors to realise the plan to make Malaysia a high-income nation.
Institute of Islamic Understanding Malaysia (IKIM) chairman Tun Abdullah Ahmad Badawi said the risk-sharing concept in the Islamic financial system was very relevant to Malaysia as it was in line with the government's plan to develop the country's economy.
Among new growth sectors which should be given attention are bio-technology, nano, animation, information technology, green energy and renewable energy, the former prime minister told a press counference after opening a two-day seminar themed "Impact of Islamic Financial System in Malaysia on Muslims' Economic Strength: An Assessment" hosted by IKIM.
Abdullah said Islamic financial institutions in Malaysia were not keen to provide financing to new growth sectors because the business was deemed high-risk and not profitable.
He said small and medium industries, public and private tertiary learning institutions and domestic research and development centres should support new growth sectors by conducting researches on new growth industries.
On another note, Abdullah described as "arrogant" the remark by a PAS ceramah speaker likening PAS' spiritual leader Datuk Nik Abdul Aziz Nik Mat to prophet Muhammad as was posted in the portal http://detikaperubahan.com recently.
"He should not have said that," he said.
Asked on his role in the next general election, Abdullah said he would campaign for the Barisan Nasional in his Kepala Batas parliamentary constituency.
Abdullah, however, refused to say whether he would defend the seat.
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