KUALA LUMPUR (AhlulBayt News Agency) - Malaysia urged members of the Organization of the Islamic Conference (OIC) Monday to invest in developing muslim nations by creating a sovereign wealth fund.
Malaysian Minister of Finance II Ahmad Husni Hanadzlah said in a press conference held here on the sidelines of the Islamic Finance Forum, that his country no longer sees western nations as a major investment destination. The sovereign wealth fund to be supervised by the Islamic Development Bank (IDB), aims at exploring the assets of OIC members, he explained.
He also added that Malaysia presented the idea of the fund during the annual meeting of the Islamic Development Bank which was recently held in Azerbaijan.
The sovereign wealth fund would surely contribute to carrying out various projects in developing Muslim countries.
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