Globalisation Not A New Phenomenon: Waleed Aly
By Zasika Musdi

Bandar Seri Begawan - The British Brunei Business Forum yesterday hosted a briefing on "Globalisation: economic and social implications", presented by WaleedAly at i-Lotus restaurant.

Attended by many prominent figures in the banking arena and also the high commissioners from both Great Britain and Australia to Brunei Darussalam, Aly spoke his views on globalisation, emphasising that it is not a new phenomenon.

"Globalisation, however you define it, isn't exactly new at all. It's part of the human experience. People in vast areas of the world have always found ways of connecting; be it through trade, religion, war, and migration.

"The world as we know it today would not have existed without the occurrence of globalisation over thousands of years," he said.

Though the concept of globalisation is not new, however, the tool is. Aly pointed out that modem technology, such as television and the Internet, has fastened the concept rapidly, making it more instant with the potential of penetrating much deeply.

He further added that globalisation should not be assumed as something that is merely caused by the West, or is a Western or American phenomenon.

He provided an instance where some might think of McDonalds, Starbucks, or Subway, when they think of globalisation.

The immediacy of that association is shocking but it is a one-way street; and this is not the case, he said.

He explained that HSBC in London has set up a whole division dedicated to Islamic banking, to attain a profitable opportunity.

Currently, it is doing a lot of deals with Dubai.

According to Aly, there are also incredible demands and interests for Islamic banking in Malaysia and Singapore, and that it is one of the fastest growing sectors in New York.

"This is globalisation in the other direction," he said.  -- Courtesy of Borneo Bulletin

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