Kuala lumpur: The Cross-Border Insolvency Bill 2025 will boost investor confidence and align Malaysia with global business standards, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. She announced that the bill has been passed by a majority voice vote in the Dewan Rakyat on July 29 and will be brought to the Dewan Negara next.

According to BERNAMA News Agency, Azalina highlighted the significance of the bill during her keynote address at the Islamic Arbitration Conference 2025: Advancing Islamic Arbitration on the New Global Frontiers at the Asian International Arbitration Centre (AIAC). She emphasized the bill's role in demonstrating Malaysia's commitment to keeping pace with international practices and instilling confidence in investors, ensuring that Malaysia remains competitive on the global stage.

Azalina noted Malaysia's extensive experience in Shariah-compliant development, stating that the country is well-positioned to lead global efforts in Islamic arbitration due to its pioneering work in Islamic finance, banking, and governance frameworks. She urged leveraging this foundation to strengthen Malaysia's leadership in Shariah-based Alternative Dispute Resolution (ADR).

Meanwhile, AIAC chief executive officer Datuk Almalena Sharmila Johan discussed the increasing complexity of cross-border commerce and the necessity for effective, culturally attuned dispute resolution mechanisms. She mentioned upcoming initiatives, including the 2025 Suite of Rules and an updated version of the i-Arbitration Rules, aimed at providing practical, enforceable, and Shariah-compliant solutions globally.