South Korea looks to Malaysia and Islamic finance for alternatives
South Korea joins the list of countries impressed by Malaysia’s advances in Islamic finance, and is looking for further cooperation to strengthen its own native industry. Competitive rates made IF methods appealing to Korean companies, said Korea Investment and Securities‘ head of Islamic finance Yul-Hee Lee at this week’s 2010 Global Islamic Finance Forum in Kuala Lumpur.
Lee said companies in South Korea have used Islamic finance principles to raise investment for decades now, but only in their dealings with the Middle East. Around 40% of companies listed on the Korean stock exchange are already compliant with shariah regulations. The South Korean government announced a new tax regime for sukuk in 2009, and continues to investigate the commercial viability of Islamic and other financial alternatives as the country seeks to diversify its interests in the wake of the financial crisis.
source & article: Business Times
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