Malaysia eyes close Brunei ties on Islamic banking

Dato' Ku Jaafar Ku Shaari: Malaysian High Commissioner.

BANDAR SERI BEGAWAN-Monday, October 12, 2009

MALAYSIA has broached the idea of working side by side with Brunei Darussalam in promoting the two countries jointly as an Islamic banking hub.

"We can promote Brunei and Malaysia as an Islamic banking hub," Malaysian High Commissioner to Brunei Dato' Ku Jaafar Ku Shaari said in an interview with The Brunei Times yesterday at his residence during his Hari Raya open house.

He said: "As both our countries are Islamic nations, we have people who are knowledgeable in Islamic banking."

Islamic banking is getting popular in countries like Singapore and even the United Kingdom, and if Brunei and Malaysia cooperated to promote it, the two neighbours would have an "advantage", said Dato' Ku Jaafar Ku Shaari.

Malaysia is looking at the possibility of bringing in Islamic banking experts to Brunei, as the Malaysian Islamic banking and finance sector is already quite advanced.

"We can work together to promote this new and alternative mode of banking compared to conventional banking to the rest of the world," said the High Commissioner.

Meanwhile, Dato' Ku Jaafar Ku Shaari also spoke of relations between the Sultanate and Malaysia, saying he was "very happy" that ties were "getting stronger".

"I am glad that both sides agreed to work together in many different fields. To me, that reflects the fact that we have special relations," he said.

However, he said he would like to see more of Brunei's participation in the economic development of Malaysia, through education and by establishing more collaboration in defence and other sectors.

The Malaysian High Commissioner added that he would like to see more Bruneian students studying in Malaysia, as it was just as good as countries where Brunei families send their children for higher education. "Bruneian students can definitely benefit from studying in Malaysia. It is cheaper and closer for them to travel to," he said.

Dato' Ku Jaafar Ku Shaari said the education system in Malaysia was similar to the UK and Australia.

Courtesy of The Brunei Times