Malaysia is set to achieve 25 per cent of global transactions in Islamic banking within the next decade from less than 10 per cent currently. Minister in the Prime Minister's Department, Tan Sri Nor Mohamed Yakcop is reported to describe Malaysia as 'clinching' the 25 per cent on global transactions.

Tan Sri Nor Mohamed Yakcop said in a statement that, "Malaysia would be attractive because it was the only country having a complete value chain of Islamic financing with Islamic and conventional banking both operating in the mainstream financial services landscape."

Yakcop further added that, "There is great potential and if we do it right, we should be able to achieve that.Islamic finance companies in Malaysia should produce more products in view of their experience in creating truly genuine Islamic financial products. They should create more interesting Islamic products based on the concept of mudharabah (profit sharing) or musyarakah (profit and loss sharing).We have now come to a stage where we can create products from bottom up instead of taking conventional products and cleansing it" he said, adding that more than 70 per cent of the world population are non-Muslims.

Yakcop further added that,"The halal brand should also mean quality, pure and clean so that the market reach would not be limited to Muslims. If we tell that halal is end-to-end traceability and very safe as well as follow all ethical requirements then I belief the non-Muslims will also buy".

Malaysia is a predominent key player in the Islamic finance industry and is promoting the Islamic finance and banking sector effectively enabling the industry to thrive and grow. As the expected $1.5 trillion dollar industry is set to grow further and attracts global investors from around the world, Malaysia can be held responsible for acting as part of its success in the growth and promotion of the Shariah compliant sector.