Malaysia not quite there yet as a global wealth management hub
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The sum of global Islamic assets under management (AUM) is relatively small compared with the overall market. In the third quarter of 2015, Islamic AUM represented approximately 1% of the global market or US$60.2 billion; nevertheless, Malaysia contributes the largest portion with a total value of US$27.2 billion, according to data from the International Shariah Research Academy for Islamic Finance and Zawya. Chart 2 illustrates the position of Malaysia as a market leader for Islamic fund management. Growth in this industry, even if it’s small, would be a significant boost to the Malaysian economy and crucial when we need to diversify our economy in order to reduce the over-reliance on commodities. However, we are facing a number of challenges, some of which are expounded in the following paragraphs.
Islamic finance , Wealth management , Fund management , Malaysia
Mohd Rasid, Mohamed Eskandar Shah. (2016). Malaysia not quite there yet as a global wealth management hub. Islamic Finance News, 13 (22), pp. 28-29.