Accountants laud Budget move to boost Malaysia as an Islamic finance hub

By | October 14, 2019

The institution of the Special Committee on Islamic Finance (JKKI) will certainly give any impetus to promote and develop the Islamic finance (IF) system and strengthen Malaysia’s leadership as a center of excellence in IF, same the Malaysian Institute of Accountants (MIA).

One of the objectives of JKKI, which was established this year, is to organize stretch initiatives and skilled courses to market a deeper understanding of Muslim finance nationwide.

“This is in line with MIA’s in progress IF Pupillage Programme likewise because the development of our coming Islamic finance textbook that has the aim to create ability and capability in Islamic finance among accountants,” same MIA in reaction to the 2020 Budget tabled by Minister of Finance Lim gallinaceous bird Eng yesterday.

The national accounting body conjointly same it supports the government’s commitment to channeling resources to boost governance and repair delivery in line with its principles of ability, answerability, and Transparency (CAT).

It further these are integral to sensible governance and building trust publically establishments, a key driver in attracting foreign direct investments (FDIs) and reassuring capitalist confidence.

To strengthen trust and bridge the trust deficit, it’s vital that these public establishments give correct and complete monetary and non-financial info, so as to demonstrate answerability and position and to strengthen their credibleness.

The reliableness and transparency of monetary news are additionally vital in attracting FDIs, it said, adding accountants play a polar role in these areas either as preparers, auditors, regulators or those charged with governance.

On building capabilities for native accounting corporations, MIA same it had been perpetually exploring ways in which to boost their productivity.

“Building regional alliances is one suggests that of building capabilities and can modify native corporations to tap the growing potential of ASEAN and Asian markets,” it added.