The multinationals and multi-lateral institutions such as the International Finance Corporation and the International Bank for Reconstruction and Development has begun to tap the fund from the Malaysian capital market by issuing ringgit sukuks, thus increasing its depth and diversity. The Malaysian private debt securities market including the conventional market has become the second largest market in Asia. The economic and financial linkages between Asia and the Middle East are growing. While the world trade has on the average expanded by 10% over the period 2001-2005, Asia's trade with the Middle East has increased on the average by 24%. More than half of the exports from the Gulf states goes to Asia and more than one-fifth of its imports are from Asia. While the US remains the major recipient of investment flows from the GCC, Asia has surpassed the Euro region as the second most popular investment destination. Malaysia is well positioned to provide the linkages through Islamic finance to support the flow of this kind of investment. We have put in place a comprehensive Islamic financial system that includes the legal, Shariah and regulatory infrastructure, supported by a diversity of players and a wide range of products and services. Our capital market has depth and breadth that is supported by an active secondary bond market.
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