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Malaysia is one of the world's leading centres for Islamic banking and finance, says Prime Minister Najib Razak.

Bank Negara Malaysia's deputy governor Datuk Mohd Razif Abd Kadir told reporters that the issuance of two Islamic banking licences with US$1 billion capital, We will significantly boost the country's position as a hub for Islamic finance later this year.

Malaysia, Ready to include Islamic finance in its negotiations for a free trade agreement with the Gulf Cooperation Council (GCC).

A study by Scheherazade S Rehman and Hossein Askari from George Washington University, published in the Global Economy Journal Vol 10 drew surprising conclusions. The study examined if policies of Muslim countries (or Muslim majority countries) were founded on Islamic principles in comparison to non-Muslim countries. 208 countries were studied. The criteria: economic opportunity, economic freedom, corruption, financial systems and human rights were used to measure the level of 'Islamicity' (based on an information website about Islam and Muslims). The study found that most Islamic countries did not conduct themselves according to Islamic principles concerning economic, financial, political, legal, social and governance issues.

Malaysia's Iskandar economic zone just a few minutes drive across the causeway from Singapore, is on track despite the global economic recession, says research firm, CIMB-GK Research

Malaysian Prime Minister Najib Razak said that Asean needs to transform itself, work more closely together and become more connected,