Malaysia’s Royal Award For Islamic Finance

21 Jul 2010

MALAYSIA’S ROYAL AWARD FOR ISLAMIC FINANCE

See Arabic Version
Kuala Lumpur (21 July 2010): The search to honour the exceptional individual for outstanding contribution to global Islamic finance has received royal endorsement.  

Upon the recommendation of the Malaysian Government, His Majesty the Yang di-Pertuan Agong of Malaysia, has given his consent for the Award to be named “The Royal Award for Islamic Finance”.

The royal endorsement will certainly add prestige to the Award, which is spearheaded by the Malaysia International Islamic Financial Centre (MIFC) initiative.

Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and Chairman of the MIFC Executive Committee (ExCo) said, “We are honoured to be bestowed the royal recognition for the Award on its inception. This will further inspire the development of global Islamic finance.” 

His Majesty the Yang di-Pertuan Agong of Malaysia will present the Award to the winner at a gala dinner, to be held on 25 October 2010 in Kuala Lumpur.

Unlike commercial awards which are typically deal-based, this Award focuses on an individual’s record of achievement and outstanding contribution towards the advancement of Islamic finance globally. 

An independent international jury, chaired by the former Malaysian Deputy Prime Minister and Chairman of the World Islamic Economic Forum Foundation Musa Hitam, will select the deserving individual.

The MIFC initiative today unveiled the Award’s logo, which is in the shape of 5 diamonds. The diamonds represent the 5 pillars of Islam as well as the principles of Islamic finance which are: good governance, transparency, fairness, faith and risk-sharing.

Nominations for the Award closed on 15 July 2010 and the winner will be announced on 25 October 2010.  For more information on the Award, please visit www.mifc.com/award

About MIFC

In August 2006, the Malaysia International Islamic Financial Centre (MIFC) initiative was launched to position Malaysia as a hub for international Islamic finance. 

The MIFC initiative comprises a community network of the country’s financial and market regulators, including Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia, Labuan Financial Services Authority and Bursa Malaysia (Kuala Lumpur Stock Exchange), Government ministries and agencies together with industry participation from the banking, takaful, capital market institutions, human capital development institutions and professional services companies which are participating and working collaboratively in Islamic finance.

The MIFC initiative is supported by global legal, regulatory and Shariah best practices that enable industry practitioners to conduct international business in Islamic finance in Malaysia in the areas of Sukuk Origination, Islamic Fund and Wealth Management, International Islamic Banking, International Takaful and Human Capital Development, while enjoying attractive incentives. 

The MIFC Executive Committee (ExCo) comprises a high-level group of officials from key Government ministries, and agencies; financial and market regulators and financial institutions. It aims to review/provide policy direction towards ensuring the efficient coordination and effective implementation of the MIFC initiative.

Log on to www.mifc.com for more information.

About Bank Negara Malaysia

Bank Negara Malaysia (BNM) was established in 1959, under the Central Bank of Malaysia Act 1958 (Revised in 2009). The central bank is principally entrusted to uphold monetary and financial stability and maintain oversight over the payments system in the country. 

Over the years, BNM has significantly contributed to the development of a comprehensive, efficient and resilient financial sector that has been able to meet the increasingly sophisticated needs of consumers and businesses. Malaysia’s financial sector now distinctively encompasses both the conventional and Islamic financial services.

Focusing in Islamic finance where Malaysia has a comparative advantage, BNM has taken the lead in promoting Malaysia as an International Islamic Financial Centre. Within this initiative, BNM approves licences for the establishment of International Islamic Banks and International Takaful Operators as well as focusing on institutional building, including the establishment of the International Centre for Education in Islamic Finance (INCEIF) and International Shari’ah Research Academy for Islamic Finance (ISRA) in promoting training, education and research to advance the talent development for the Islamic financial services industry. Meanwhile, the BNM Shariah Advisory Council ascertains applications of Shariah principles on Islamic financial services by providers under the purview of BNM and acts as an advisor to BNM on Shariah matters on such services.
Log on to www.bnm.gov.my for more information. 

About Securities Commission Malaysia

Securities Commission Malaysia (SC), established under the Securities Commission Act 1993, is a statutory body that reports to the Minister of Finance, Malaysia. 

The SC has direct responsibility for supervising and monitoring the activities of market institutions including the exchanges and clearing houses, as well as all persons licensed under the Capital Markets and Services Act 2007 (CMSA). Underpinning these functions is the ultimate aim of protecting investors. SC is also responsible to promote and develop securities and futures markets in Malaysia. 

The SC spearheads the development of the Malaysian Islamic capital market (ICM) by establishing a Shariah Advisory Council (SAC) to advise on matters relating to Islamic capital market activities and products. Over the years, the SC has built a comprehensive and facilitative framework for Islamic funds and wealth management. In addition, the SC has been driving product innovation in the Islamic equity and sukuk (Islamic bond) sectors; on top of promoting education, training, consultancy and research for the ICM. 

Log on to www.sc.com.my for more information.