Malaysia has nothing to fear from the emergence of London and Hong Kong as nascent trading hubs for Islamic finance, according to Tajuddin Atan, chief executive of Bursa Malaysia.
The largely Muslim country has established itself as the world’s biggest centre for Islamic finance, accounting for 42% of global volume this year, compared with Saudi Arabia in second place with 26.4%, according to Dealogic data.
However, a sharp increase in volume over the past few years has attracted non-Muslim financial centres keen to take a slice of the tens of billions of dollars invested each year.
“I welcome centres in Hong Kong and London...
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