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KUALA LUMPUR, Aug 15 (Bernama) -- Malaysia controls 70 percent of the total sukuks or Islamic bonds issued in the world market, Deputy Finance Minister Datuk Dr Awang Adek Hussin said in a statement here today.
This was possible due to the confidence of the Islamic world in Malaysia's capability in establishing the Islamic banking system, he said.
Dr Awang Adek was clarifying a Bernama report over the weekend from Pasir Puteh which inadvertently quoted him as saying that Malaysia controlled 70 percent of the capital market in the Islamic Development Bank (IDB).
Malaysia only holds a 2.22 percent share capital in IDB.
Dr Awang Adek had also said there was no other developing country like Malaysia which was able to successfully implement Islamic banking.
Malaysia's success has enabled it to become a role model for other Muslim nations.
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