Highlights-Malaysia’s 2018 budget for Islamic finance

Malaysia prime minister Najib Razak announced the nation’s 2018 budget on October 27, laying out plans for the 280.25 billion Malaysian ringgit federal government allocation, a rise of 7.5 percent from 2017.

Revenue collection for 2018 is expected to increase around 6.4 percent to 239.9 billion ringgit and the fiscal deficit is expected to drop 0.2 percent to 2.8 percent of GDP for 2018 from 3 percent in 2017.

According to Razak in his announcement, the budget document is meant to “chart the course in building a Malaysian nation for the next 30 years crafted on a new canvas based on SHARIAH REQUIREMENT FRAMEWORK”. The framework emphasises five aspects: religion, life, intellectual, lineage and wealth, in each of the government’s plan and policy.

The following chart selects Islamic finance highlights from the budget speech.

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