The two sides can play a leading role in promoting the Islamic financial tools and the non-usurious banking system, he told reporters on Wednesday.
Abdul-Razak suggested that the two sides should join forces and exchange experience to develop a long-term and comprehensive perspective for strengthening the economic, commercial and financial ties.
Regarding the potentials of the two sides, he said that the GCC members enjoy huge cash surplus while Malaysia enjoys long experience in the field of Islamic finance which could provide solid ground for fruitful cooperation.
The two sides can take advantage of the collapse of the traditional banking system in promoting the Islamic financial system which gains growing popularity, Abdul-Razak underscored.
Malaysia, a pioneer in issuing Islamic bonds, is willing to share its experience in this domain with the GCC in order to help the Muslim economies get out of the current financial and economic crises, he went on to say.
The most important lesson, taken from the financial crisis, is the world should not rely on a single banking system; it should rather diversify the financial services.
Malaysia’s Securities Commission (SC) and Dubai Financial Services Authority (DFSA) have struck deal on launching centers for the promotion of the Sharia-abiding financial tools in the six GCC member countries and the ten members of the Bangkok-based Association of Southeast Asian Nations (ASEAN), he pointed out.
The Malaysian prime minister suggested that the GCC and his country launch a commercial council to increase the trade exchanges between the two sides.
