According to Janes Defence Weekly ("Malaysia turns to Islamic banking to fund military upgrade" Jon Grevatt, 21 July 2010), the Malaysian Ministry of Defence was considering the use of Islamic banking. The Shariah-compliant Sukuk (صكوك) financial certificates would be used to pay for pay contract workers. However, according to Malaysian Defence Blog ("No Sukuk For The Needy", July 15, 2010 – 2:26 pm, Marhalim Abas), this has been rejected by the Malaysian Treasury.
In 2008 I attended the Malaysian Corporate Governance Conference at the Securities Commission, Kuala Lumpur, the regulator for Islamic capital markets in Malaysia. The Australian government issued a report "Islamic Finance" in February 2010. Islamic Banking has much in common with ethical investment by companies such as "Australian Ethical Investment".
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