Russia can tap into M'sia's Islamic finance expertise: Anwar

Russia can tap into Malaysia’s strength as a global leader in Islamic finance, said Prime Minister Anwar Ibrahim.

He said one area ripe for collaboration between the two countries is Islamic finance, where Malaysia is regarded as a global leader, boasting a robust ecosystem of institutions that not only adhere to syariah principles but also drive innovation in financial instruments.

“Russia, with its sizeable Muslim population, stands at the threshold of enormous potential in Islamic finance, and I believe the introduction of Islamic banking in Russia can facilitate joint projects and attract significant investments from Muslim-majority nations,” he said when addressing the plenary session at the 9th Eastern Economic Forum (EEF) in Vladivostok, Russia, today.

According to news reports, Russia launched the Islamic banking system in four major Muslim-dominated regions in the country beginning Sept 1 last year as part of a two-year pilot programme.

Russia has a sizeable Muslim population of between 20 million and 25 million.

Anwar acknowledged that Russia has become a significant global player in the agriculture sector.

He said that as one of the world’s largest grain producers and exporters, the country plays a crucial role in ensuring global food security.

“Russia’s agricultural exports have been instrumental in stabilising global markets amid ongoing supply chain disruptions,” he said.

On education and research, Anwar said Russia has a longstanding reputation for excellence, particularly in the science, technology, engineering, and mathematics fields.

He noted that Russian universities have consistently ranked among the best globally, producing world-class scientists, engineers, and researchers.

“The recent establishment of the Russian-Malaysian High-Tech Centre in Malaysia underscores our commitment to fostering technological innovation and academic excellence,” he said.

On facilitating cooperation in developing high-tech solutions, particularly in energy efficiency, data transmission and smart city technologies, Anwar said Putrajaya and Moscow can harness their collective strengths to drive innovation and address the challenges of the 21st century.

Additionally, the push for cutting-edge advancements such as artificial intelligence and semiconductor technologies should be guided by humanistic and altruistic values.

“(This is) to ensure that tech rivalry and inequity do not result in the hindrance of free trade and a more fragmented geopolitical landscape,” he said.

The 9th EEF was part of Anwar’s two-day working visit to the country starting yesterday.

The session, which included Russian President Vladimir Putin as a panellist, was broadcast live through Anwar’s Facebook account and local television stations including Bernama TV, RTM, Media Prima, Astro Awani, TVS, and TV Al-Hijrah.

This is Anwar’s first visit to Russia since being appointed prime minister in November 2022.

- Bernama

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