MANAMA (BAHRAIN): Malaysia and Bahrain are expected to finalize several new collaborations, including in the field of Islamic financial technology, by May this year, announced Malaysian Prime Minister Datuk Seri Anwar Ibrahim.
The focus on advancing Islamic financial technology using innovative instruments is one of the agreements between the two nations. Prime Minister Anwar emphasized the need to move beyond simply replicating conventional banking tools, advocating for more research to align with Shariah regulations and maqasid Shariah (the objectives of Shariah) to ensure the robustness of these institutions.
Speaking at a press conference following his official visit to Bahrain, at the invitation of Crown Prince Sheikh Salman Hamad Al Khalifa, Anwar explained that the signing of these collaborations is expected during the Crown Prince’s visit in conjunction with the Asean-GCC Summit in May.
“I had an extensive conversation with Prince Salman during the visit, bilateral meetings, and subsequent dinner event. These discussions covered various sectors, including fintech, investment, digitalization, tourism, connectivity, food security, energy, renewable energy, and education,” Anwar said. He expressed hope that these collaborations would be finalized before the visit and bring benefits to both nations’ people and students.
In addition to Islamic fintech, education emerged as a key area of focus. The Prime Minister underlined that strengthening the country’s capabilities in fintech would require greater cooperation in education and research. “We have prioritized research and education to boost our capabilities in fintech, digital technology, and energy transition, which is something we aim to achieve in the short term,” he said.
Anwar also noted Malaysia’s keen interest in learning from Bahrain’s success, particularly the Bahrain Economic Development Board (Bahrain EDB), which has transformed the country into a prominent financial hub. The Prime Minister met with Noor Binti Ali AlKhulaif, the CEO of Bahrain EDB, to discuss further opportunities for collaboration, particularly in supporting Malaysian companies interested in investing in Bahrain and the wider Middle East.
Regarding his meeting with the King of Bahrain, Sheikh Hamad Isa Al Khalifa, Anwar shared that the monarch expressed strong support for deepening bilateral cooperation between Malaysia and Bahrain in various fields. “His Majesty also supports Malaysia’s initiatives, including hosting the Asean-Gulf Cooperation Council (GCC) Summit and the Asean-GCC+China Summit at the end of May,” Anwar concluded.
