Ucapan YBhg Tan Sri Dato’ Seri Ranjit Ajit Singh, Pengerusi, Suruhanjaya Sekuriti Malaysia Di Majlis Makan Malam Anugerah Kewangan Islam Tahun 2018, Rabu, 3 Oktober 2018, Kuala Lumpur

03 Oct 2018

YBhg Tan Sri Dato’ Seri Ranjit Ajit Singh
Pengerusi, Suruhanjaya Sekuriti Malaysia
di Majlis Makan Malam Anugerah Kewangan Islam Tahun 2018
Rabu, 3 Oktober 2018
Kuala Lumpur

Opening salutation

Duli Yang Maha Mulia Paduka Seri Sultan Perak Darul Ridzuan, Sultan Nazrin Muizzuddin Shah Ibni Almarhum Sultan Azlan Muhibbuddin Shah Al-Maghfur-Lah, Penaung DiRaja bagi Inisiatif Kewangan Islam Malaysia.
Duli Yang Maha Mulia Raja Permaisuri Perak Darul Ridzuan, Tuanku Zara Salim.

Ampun Tuanku beribu-ribu ampun sembah patik mohon diampun

Patik serta seluruh dif-dif jemputan pada malam ini dengan penuh hormat dan takzimnya merafak sembah menjunjung setinggi-tinggi kasih di atas limpah perkenan Duli-Duli Yang Maha Mulia Tuanku sudi mencemar duli berangkat ke Majlis Makan Malam Anugerah DiRaja Kewangan Islam, tahun dua ribu lapan belas (2018), yang bersejarah ini.

Izinkan patik sekali lagi menjunjung kasih ke atas Duli-Duli Yang Maha Mulia Tuanku yang telah memberi sokongan berterusan bukan sahaja terhadap Anugerah DiRaja Kewangan Islam malahan juga inisiatif-inisiatif kewangan Islam yang lain, di dalam mahupun di luar Malaysia.  Sesungguhnya, sokongan ini amatlah bermakna untuk perkembangan berterusan kewangan Islam sebagai salah satu segmen penting dalam industri kewangan global.

Keberangkatan Duli-Duli Yang Maha Mulia Tuanku Berdua ke Majlis pada malam ini sebenarnya, amat bermakna kepada patik-patik sekalian dan telah menambahkan lagi seri pada majlis ini.   Patik mendoakan semoga Duli-Duli Yang Maha Mulia Tuanku sentiasa berada di dalam pemeliharaan Tuhan dengan penuh kemuliaan dan kebesarannya.

Ampun Tuanku.

Patik mohon limpah perkenan serta keizinan Duli-Duli Yang Maha Mulia Tuanku untuk patik turut mengalu-alukan dif-dif jemputan serta menyampaikan sepatah dua kata kepada seluruh tetamu yang turut hadir menyerikan Majlis pada malam ini dalam Bahasa Inggeris.

Ampun Tuanku.

Yang Amat Berbahagia Tun Musa Hitam, Chairman of the Jury for the Royal Award for Islamic Finance and Yang Amat Berbahagia Toh Puan Zulaikha;

Yang Berhormat Tuan Lim Guan Eng, Finance Minister [and Yang Berbahagia Puan Betty Chew];

Yang Berhormat Dato’ Seri Mohamed Azmin Ali, Minister of Economic Affairs;

Yang Berbahagia Datuk Nor Shamsiah Mohd Yunus, Governor, Bank Negara Malaysia;

Yang Berbahagia Tan Sri Dr Zeti Akhtar Aziz [and Yang Berbahagia Dato Tawfiq Ayman]

Your Excellencies;

Esteemed Guests, Members of the Media, Ladies & Gentlemen


Good Evening

1) On behalf of Bank Negara Malaysia and the Securities Commission Malaysia, as joint organizers and hosts of The Royal Award for Islamic Finance, it is my pleasure to welcome all of you to the 5th Royal Award for Islamic Finance Dinner and Award Presentation Ceremony.

2) We are delighted to see so many luminaries and proponents of Islamic Finance here with us this evening as well as a large number of foreign guests from so many different parts of the world. Your presence this evening reflects not only the significance of this prestigious Royal Award but also the global reach and diversity of Islamic finance today.

3) We are especially honoured and humbled that His Royal Highness Sultan Nazrin Muizzuddin Shah, the Sultan of Perak Darul Ridzuan and Royal Patron for Malaysia’s Islamic Finance Initiative, has graciously consented to confer this prestigious award to the deserving recipient later this evening.

Your Royal Highnesses, Excellencies, Ladies and Gentlemen

4) Islamic Finance today has established itself as an increasingly important segment of the global financial system with a respectable growth record over the past decade. Total global industry size had doubled since 2009 to US$2 trillion as at the end of last year. It continues to strengthen its foothold in the international financial landscape as manifested by the increasing number of countries in which Islamic finance activities and transactions are being conducted.

5) Tracking the development over the last eight years since the first Royal Award was conferred in 2010, the Islamic Finance industry has had a steady stream of notable achievements. Issuances of social impact sukuk for vaccination and education, sovereign sukuk by several non-Muslim majority countries and, more recently, green sukuk by both corporates and government have taken the global sukuk market to new heights. Innovation in other segments has also contributed to global firsts, including an initial public offering of waqf shares and launch of an ESG Sukuk Fund.

6) Conversations around the areas of sustainability and inclusiveness have taken on greater importance in recent years as the world is facing worsening environmental deterioration and widening income and wealth disparity. Governments and multilateral institutions as well as the private sector and non-profit organisations are seeking viable solutions to protect the environment and combat climate change, which has been recognised to also be a major cause of persistent socio-economic issues. Towards this end, the United Nations’ Sustainable Development Goals (or SDGs) represents a significant and ambitious agenda.

7) Islamic finance is well placed to address these pressing global issues. With its underlying principles of equitable and participatory growth being closely aligned with those of sustainable and responsible finance, Islamic finance has significant potential that can be harnessed to provide innovative solutions to support the universal sustainability agenda.

8) The SC’s Sustainable and Responsible Investment (or SRI) Sukuk framework is one of the early initiatives that has formally integrated the two segments of finance to facilitate the funding of sustainable development projects through the Islamic capital market. Following this pioneering initiative, a very significant milestone was the issuance of the world’s first green sukuk in Malaysia in 2017, which was supported by a collaborative effort between Bank Negara, the Securities Commission and the World Bank. This has been followed by four other issuances of green sukuk in the country to bring the approved (or potential) total size to RM3.7 billion. [total issued amount to-date is RM2.4 billion]

9) Its principle of shared prosperity also serves to position Islamic finance as an appropriate channel to facilitate greater inclusiveness. Islamic social finance concepts of waqf, zakat and sadaqah, for instance, provide for distribution of ‘excess’ wealth to the needy or less fortunate, which in turn aids in mitigating inequality in the society. General waqf assets in particular have significant potential to be developed to generate substantial economic and commercial returns while at the same time provide enhanced social benefits to the community.

10) In line with recent developments in the global financial services industry, digitization can play a very important role in reinforcing Islamic finance’s value proposition in promoting inclusiveness. Greater use of digitalization in the distribution mechanism as well as in the provision of alternative financing will be particularly impactful in enabling access to Islamic financial products and services to achieve higher levels of financial inclusion. Digitisation will also serve to attract the younger generation such as the millennials to invest and use financial services as they are more inclined towards technology-based solutions and options.

11) Development of the Islamic finance industry to address the global issues needs to be supported by continuous efforts on capacity building and thought leadership. Capacity building initiatives such as INCEIF and programmes conducted by the Securities Industry Development Corporation serve to build or enhance the relevant talents and skill sets required to ensure sustained innovation in the industry. Similarly, thought leadership platforms such as the on-going collaboration between the Securities Commission and the Oxford Centre for Islamic Studies (OCIS) facilitate insightful and practical discourse on opportunities and challenges for the industry which will contribute significantly towards its continued relevance within the global financial system. At this point, please allow me to express my heartfelt gratitude for the unwavering guidance and support of His Royal Highness Sultan Nazrin Muizzuddin Shah who has been instrumental in inspiring the deliberation and further work in relation to the SC-OCIS collaboration.

Your Royal Highnesses, Excellencies, Ladies & Gentlemen

12) We are gathered here this evening to recognise extraordinary leadership and to honour excellence in Islamic finance. The Royal Award for Islamic Finance is a prestigious award which represents the global benchmark for recognition of individuals who have given their utmost to an industry that has much to offer the world as it transcends across cultures and regions. May I take this opportunity to congratulate this year’s recipient.

13) The selection of the Award recipient from among the global-wide nominations received was done by an international and independent jury comprising seven eminent personalities, chaired by Yang Amat Berbahagia Tun Musa Hitam, former Deputy Prime Minister of Malaysia, and supported by a Nomination Committee. At this juncture, please allow me, on behalf of both Bank Negara Malaysia and the Securities Commission Malaysia, to express my deepest appreciation to the Jury and the Nomination Committee members for their contributions and extensive deliberations in the selection process for this year’s recipient of the Royal Award for Islamic Finance.

14) I would also like to thank the members of the Steering Committee for their guidance and advice on the strategic direction and implementation of the Royal Award. They have been instrumental and meticulous in providing valuable input on the various areas of the Award including the nomination and selection processes, the media and publicity strategy and the organization of this evening’s event.

15) I also wish to express my appreciation to the honourable Minister of Finance, Minister of Economic Affairs and Deputy Minister of Finance for taking time to be with us on this memorable evening.

16) Thank you once again to all our distinguished guests for honouring us with your presence here tonight. My appreciation also goes to the Royal Award Secretariat team and other staff of the Securities Commission Malaysia and Bank Negara Malaysia who have collaborated well together over the years [to ensure the success of the nomination and selection process as well as the dinner and award ceremony].

Closing salutation

Ampun Tuanku beribu-ribu Ampun, sembah patik mohon diampun.

Sekian sahaja persembahan ucapan daripada patik, dan sekali lagi patik dengan penuh hormat dan takzimnya, merafak sembah menjunjung kasih yang tidak terhingga di atas perkenan Duli Yang Maha Mulia Tuanku Berdua berangkat mencemar duli ke Majlis Makan Malam Anugerah Kewangan Islam pada malam ini.

Semoga Tuhan memelihara dan melanjutkan usia Duli-Duli Yang Maha Mulia Tuanku dalam keadaan sihat sejahtera, serta terus memerintah di atas takhta kerajaan negeri dengan sepenuh kemuliaannya.

Ampun Tuanku.

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