Malaysia and Oman head towards viable Islamic finance

Bilateral relations between Malaysia and Oman achieved significant development in areas such as education, culture, business and trade.

According to Raja Muda of Perak, Raja Nazrin Shah, the commitment demonstrated by Oman towards developing a vibrant Islamic financial industry is very similar to the experience in Malaysia when the Islamic Banking Act was passed in 1983.

Speaking at the Oman Islamic Economic Forum 2013 in Muscat, The Raja Muda who is also the financial ambassador of the Malaysian International Islamic Financial Centre, added that bilateral trade between Oman and Malaysia stood at 740 million US dollars in 2011, which a very substantial increase from 265 million US dollars in 2010.

After adopting the “Vision for Oman’s economy 2020”, Oman is now in its  eight five-yea national development plan that focuses on diversification, industrialization and privatisation

Tourism and gas-based industries are among the major components of the government’s diversification efforts.


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