Raja Nazrin, who is also the financial ambassador of MIFC - an initiative to position Malaysia as a hub for Islamic finance - and his delegation discussed bilateral issues and investment opportunities in both countries. Osama Fadaak of Attam Est. Commercial Services hosted a reception to the crown prince and his entourage at his residence, which was attended by prominent Saudi businessmen and investors.

Delegation leader Yusry Yusoff, manager, MIFC Promotions Unit at Bank Negara Malaysia (central bank of Malaysia), told Arab News: "The delegation is seeking to establish relationship with the key institutional investors in Saudi Arabia for potential investment opportunities including sukuk mandate, asset management, as well as interest to set up Islamic banking and Takaful business in Malaysia."

The MIFC was launched in August 2006 to position Malaysia in the forefront of Islamic finance. "Its aim is to strengthen the international linkages and capitalize the rapid development of the global Islamic finance industry," Yusoff said. It is a collaborative effort by Malaysia's financial and market regulators including Bank Negara Malaysia, Securities Commission Malaysia, Labuan Offshore Financial Services Authority and Bursa Malaysia (Malaysia stock exchange) together with industry participation from the banking, Takaful and capital market sectors in Malaysia.

One of the mandates of the MIFC is to strengthen the international linkages in the global Islamic financial system with leading financial centers in the Gulf, especially Saudi Arabia. The discussions are envisaged to pave the way for cross border collaboration between MIFC and stakeholders in Saudi Arabia.

According to visiting Malaysian officials, Islamic finance is becoming mainstream and offers a viable solution to the global financial system. There has been emerging interest from key financial centers in London, Hong Kong and France. The delegation is also focusing on the International Centre for Education in Islamic Finance, a university established by the Central Bank of Malaysia for focusing on development of talents for Islamic finance.

The research interests of crown prince, who has a rich academic and intellectual background including a PhD in political economy and government from Harvard University, are in the area of economic and political development in Southeast and Northeast Asia, historical national income accounting and economic growth in developing countries. He has also written articles and spoken on a wide range of issues including the role of the constitutional monarchy in Malaysia, education, Islam, ethnic relations and economic development.

Fadaak hosted a reception at his residence to the crown prince's 33-member entourage that included representatives of 17 Islamic banks and 12 Islamic fund management companies and some asset management firms, aside from Takaful operators, and legal and other professional services firms. The delegation includes Tan Sri Zarinah Binti, chairman, Securities Commission, Malaysia; Mohammed Razif Abd Kadir, deputy governor of Bank Negara Malaysia; Danial Mah Bin Abdullah, deputy director general, Labuan Financial Services Authority; Khazanah Nasional and representatives of Bursa Malaysia, Affin Islamic Bank, Maybank Islamic, Amislamic Bank, Muamalat Malaysia, CIMB Islamic Bank and Al-Rajhi Baking & Investment Corporation (Malaysia). Also in the entourage were Raja Eleena Binti Raja Azlan Shah and her husband Farouk Abdullah.

Malaysian Consul General Hidayat Abdul Hamid said the delegation was in the Kingdom to introduce the MIFC to this part of the world and study the opportunities available specifically in the financial and investment sectors. "They would like to invite their Saudi counterparts to Malaysia for further interaction," he added.

The delegation will continue its discussion with high-ranking ministerial and financial agency officials in Riyadh for two days from Saturday.