A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets
|
|
- Randolf Ball
- 6 years ago
- Views:
Transcription
1 The Investors Conference in conjunction with the 30 th Annual Meeting Islamic Development Bank 22 nd June 2005 A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets Dato Zarinah Anwar Deputy Chief Executive Securities Commission Malaysia
2 AGENDA 1. Role of the capital market in economic growth 2. Strategies for the development of Malaysia s capital market 3. Islamic capital market Development and challenges 2
3 The capital market as a key driver of private sector growth Funds raised in the capital market New issues (RM bil) Nominal GDP (RM bil) Source: BNM New public debt securities issues New equity issues New private debt securities issues Nominal GDP (LHS) 3
4 And the equity market performance is largely co-related with longterm income trends New Development Policy introduced, Privatisation Masterplan implemented 1997: East Asian Financial Crisis 1998: Ringgit peg and capital controls imposed. National Economic Recovery Plan introduced 2001: Launch of Capital Market and Financial Sector Masterplans Index points : Securities Commission established 2004: Demutualisation. Exchange is listed in US Dollars per capita Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 KLCI index Per capita income (LHS) Source: Thomson Financial Datastream, BNM, SC 4
5 Relative size of the capital market to the banking sector Size of the equity market, bond market and banking sector ( ) Debt securities outstanding Equity market capitalisation Banking sector assets 800 RM billion
6 The capital market plays a key role in financing diverse needs K-economy Equity funding through venture capital & MESDAQ Market Small-Medium Enterprises Equity funding through Second Board & MESDAQ Market Privatisation & Infrastructure Projects Bonds through issue of Private Debt Securities Equity financing through Bursa Malaysia Islamic Capital Market (ICM) Availability of Syariah-compliant debt & equity securities, warrants & call warrants Availability of Islamic investment products such as unit trusts, Islamic Indices and Crude Palm Oil futures 6
7 The Islamic capital market component is a significant part of Malaysia s capital market Equity market Private debt securities 826 companies out of the 984 companies (84%) on Bursa are Syariah compliant representing 64% of total market capitalisation (2004) Islamic bonds valued at RM 9.1bn raised during 2004, accounting for 25% of gross issuance of PDS Market capitalisation-2004 Conventional 36% New PDS issued-2004 Islamic 25% Islamic 64% Conventional 75% 7
8 The capital market also plays an important role in mobilising savings through the investment management industry 100 Growth of unit trust and fund management industry 44 Unit trust NAV (LHS) No of Management Cos (RHS) RM billion No of Management companies Source: Securities Commission 8
9 The Islamic unit trust industry is a relatively young segment with bright growth prospects Unit trust industry Net asset value of Islamic unit trust was RM 6.8 billion as at 2004, representing 8% of total industry NAV Unit trust NAV-2004 Islamic 8% Strong growth in number of funds - 71 funds in 2004 Conventional 92% No. of Funds Total Funds Number of Islamic Funds Percentage of Islamic Funds Percentage (%)
10 AGENDA 1. Role of the capital market in economic growth 2. Strategies for the development of Malaysia s capital market 3. Islamic capital market Development and challenges 10
11 The Capital Market Masterplan (CMP) provides a strategic roadmap for the development of the capital market Vision To be internationally competitive, To provide an efficient conduit for the mobilisation and allocation of funds, and And supported by a facilitative and strong regulatory framework With 152 recommendations covering 11 areas: Equity market Bond market Derivatives market Stockbroking industry Market institutions Investment management Regulatory framework Corporate governance Islamic capital market Technology & e-commerce Training & education 11
12 Phased approach to implementation PHASE 1 Strengthen domestic capacity and develop strategic and nascent sectors PHASE 2 Strengthen key sectors and gradually liberalise market access PHASE 3 Enhance market processes and infrastructure and international positioning in areas of comparative and competitive advantage 12
13 Key thrusts: Broaden sources of financing Developed the corporate bond market Introduced shelf registration scheme to expedite issuance 3,5 and 10-year MGS futures contracts to enhance liquidity and price discovery process in secondary markets Facilitative framework for issuance of asset-backed securities Financed high growth companies though venture capital Enhanced participation of local institutional investors Introduced a facilitative tax framework Accelerated the development of the Islamic capital market Widened the product range Introduced a facilitative regulatory and tax framework Established strategic alliances with other Islamic capital markets Enhanced efficiency of fund raising Reduced processing time for corporate proposals Shift to disclosure based regime 13
14 Key thrusts: Creating a conducive environment for investors Developed a vibrant investment management industry Greater international portfolio diversification allowed Tax incentives to encourage collective investment schemes Facilitated the development of financial planning Developed the trust and custodial services Strengthened corporate governance framework Enhanced investor protection Enhanced disclosure & transparency Enhanced surveillance and enforcement Extensive education programs for directors Lowered execution cost for investors SCANS, SCORE and SC levy reduced Stamp duty capped 14
15 Key thrusts: Developing strong and competitive intermediaries Restructured market institutions Consolidation and demutualisation of the exchange Enhanced trading, clearing and settlement infrastructure Fostered constructive competition Deregulation of fixed fee structures Widened scope and range of services Deregulated branching restrictions Liberalisation of foreign participation CLSA, CSFB, JP Morgan, Macquarie & UBS given approval in principle to establish operations in Malaysia. SC to issue up to five new licenses to enable leading global fund managers to establish operations in Malaysia. Allowed 100% ownership of futures brokers and venture capital companies. 15
16 Key thrusts: Strengthening Malaysia s capital market position Enhancing quality of public listed companies Focus on good governance, sound management, building shareholder value Enhancing quality of capital market intermediation services Benchmarking; building brand and expanding their franchise Professionals and advisors must further enhance their reputation for integrity and reliability. Enhancing quality of market framework Review market structure to ensure appropriate access to capital Emphasis on enhancing market liquidity. Enhancing surveillance and enforcement Strengthen the gate-keeping function, shift to risk-based surveillance and expand the range of actions Build cross-border surveillance and enforcement capabilities. 16
17 AGENDA 1. Role of the capital market in economic growth 2. Strategies for the development of Malaysia s capital market 3. Islamic capital market Development and challenges 17
18 The CMP identified the Islamic Capital Market (ICM) as a key component of Malaysia s capital market To establish Malaysia as an international Islamic capital market centre Facilitating expansion of products and services in Islamic capital market More effective mobilisation of Islamic funds Strengthening tax, accounting and regulatory framework for ICM Enhancing international value recognition of ICM 18
19 Key components of the Islamic financial services sector create a comprehensive enabling environment To effectively play its role as an efficient conduit Contribute to the overall stability of Islamic financial services sector: Islamic banking to mobilise deposits and provide financing Takaful to provide mutual protection/ institutional investor role Islamic capital market to provide long term fund raising and investment Islamic Banking Takaful Islamic capital market 3
20 The development of a vibrant ICM is reliant on sound fundamentals of the overall capital market Sound economic and market fundamentals are important for instilling greater confidence among investors Funds invest in markets that comply with principles of securities regulation country sovereign rating regulatory framework accounting & tax framework corporate governance practices 20
21 It requires planning and a sound regulatory infrastructure Capital Market Masterplan Facilitative regulatory framework Shariah Advisory Council have enabled and facilitated the development of Islamic Capital Market Shariah stocks - 84% of total listed shares (April 2005) Mutual funds - 71 funds with NAV of USD 1.8 bil & market share of 7.7% (2004) Bonds 25% of total PDS issued (2004) 21
22 Diverse products and intermediaries and emphasis on education Tools & Products Availability of Shariah-compliant instruments, investment and indices Intermediaries Availability of Islamic banking and stockbroking, Takaful and asset management services Education General awareness & understanding of Islamic finance concepts 22
23 Strong support from the government Budget Budget2003 Tax deduction for expenses incurred on issuance of Islamic private debt securities that adopt mudharabah, musyarakah and ijarah principles for 5 years commencing 2003 Budget Budget2004 Deductions given on expenses incurred in the issuance of Islamic securities based on the principle of Istisna for 5 years where property under construction can also be used to back such bonds Budget Budget2005 Tax exemption on interest income derived by non-resident companies from ringgit-denominated Islamic securities and debentures Tax neutrality between Islamic and conventional products by exempting additional tax or duty provided the products are approved by the Syariah Advisory Council 23
24 Developing internationally-compatible Islamic accounting standards Most Most jurisdictions jurisdictions apply apply IAS/GAAPs IAS/GAAPsfor for their their financial financial institutions institutions In In addition, addition, for for Islamic Islamic financial financial institutions, institutions, the the following following is is applied applied IAS Most jurisdictions apply IAS for Islamic financial institutions National Islamic accounting standards / IAS Malaysia applies national Islamic accounting standards for Islamic financial institutions IAS are used for areas not covered by national Islamic accounting standards AAOIFI stds. / IAS 4 jurisdictions (i.e. Jordan, Sudan, Bahrain and Qatar) apply AAOIFI accounting standards These jurisdictions apply IAS for areas not covered by AAOIFI accounting standards 24
25 Ensuring international compatibility with global securities regulation IOSCO appointed an ICM Task Force to assess the state of development & regulation of Islamic capital markets globally Memberships: Malaysia, Bahrain, Indonesia, Jordan, Nigeria & Turkey Australia, Italy, South Africa, Thailand, UK & US Key issues and findings of ICM Task Force report : Shariah convergence Shariah compliance and regulation Product innovation & market competitiveness Accounting & tax framework Skills development International cooperation Information database 25
26 Malaysia has broad experience in promoting international cooperation and cross-border investments in ICM Participation in international efforts such as IFSB and IOSCO ICM Task Force Facilitates cross border issues Issuance of Malaysian global Islamic bonds Promotion / offering of foreign Islamic bonds in Malaysia Fund raising exercise by multilateral banks and MNCs Participation in overseas Islamic private equity investment Knowledge sharing and mutual assistance programmes 26
27 Thank you 27
Malaysia s Islamic Capital Market (ICM) An Overview
Islamic Finance News Roadshow Sheraton Towers, Singapore 2 April 2008 Malaysia s Islamic Capital Market (ICM) An Overview Nik Ramlah Mahmood Securities Commission Malaysia 1 Malaysia s ICM offers a comprehensive
More informationFundamentals of the Malaysian Capital Market
Fundamentals of the Malaysian Capital Market The Investors Conference 2005 - in conjunction with the 30th Annual Meeting Islamic Development Bank Ranjit Ajit Singh, Director Securities Commission Malaysia
More informationBUILDING THE FOUNDATIONS IN CMP1
CHAPTER 1 BUILDING THE FOUNDATIONS IN CMP1 1 CHAPTER 1 BUILDING THE FOUNDATIONS IN CMP1 Launched ten years ago, the first Capital Market Masterplan (CMP1) guided the development of the Malaysian capital
More informationChairman s Statement
Chairman s Statement In 2004, all key sectors of the Malaysian capital market were further strengthened, driven by the momentum set in 2003. This enabled the Commission to pursue the next phase of the
More informationCapital Market Masterplan 2
Capital Market Masterplan 2 Tan Sri Zarinah Anwar CHAIRMAN, SECURITIES COMMISSION MALAYSIA KUALA LUMPUR APRIL 12 th 2011 1 Growth with Governance... describes the challenge for our capital market to expand
More informationZeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road
Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at GIFF Investors & Issuers Forum:
More informationBURSA MALAYSIA BERHAD Meeting with Korea Investment Holding
BURSA MALAYSIA BERHAD Meeting with Korea Investment Holding Dato Yusli Mohamed Yusoff, CEO 17 June 2008 Visit us at http://www.bursamalaysia.com Bursa Malaysia and its Group of Companies ( the Company
More informationZeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub
Zeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the ASLI s World Islamic Economic
More informationMALAYSIA CAPITAL MARKET The Investment Destination. Bursa Malaysia 19 October 2012
MALAYSIA CAPITAL MARKET The Investment Destination Bursa Malaysia 19 October 2012 TABLE OF CONTENTS 1. Market Overview 2. Outlook & Opportunities 3. Development & Strategy 4. Conclusion 2 Market Overview
More informationRegulation of Syariah Funds in Malaysia
Regulation of Syariah Funds in Malaysia KL Hilton 27 March 2001 1 Agenda ❶ The Malaysian capital markets ❷ Establishing a new trust fund Agenda ❸ Regulation of Syariah funds ❸ Developmental issues 2 Regulation
More informationBursa Malaysia Berhad
Bursa Malaysia Berhad Invest Malaysia 2007, Kuala Lumpur Dato Yusli Mohamed Yusoff, CEO Nadzirah Abd Rashid, CFO 21-23 March 2007 Disclaimer The contents of this presentation include materials which may
More informationBURSA MALAYSIA BERHAD
BURSA MALAYSIA BERHAD The Preferred Investment Destination Nomura Asia Corporate Day, London, Boston & New York 15 th 19 th November 2010 Dato Yusli Mohamed Yusoff, CEO Visit us at http://www.bursamalaysia.com
More informationBURSA MALAYSIA BERHAD CIMB Corporate Day, London. 2 February 2007
BURSA MALAYSIA BERHAD CIMB Corporate Day, London Dato Yusli Mohamed Yusoff,, CEO 2 February 2007 1 BURSA MALAYSIA TODAY IS A Must Have in Investment Portfolios 2 Market Velocity on the Increase Quarterly
More informationThe Regulatory Challenge. Islamic Alternative Strategy Funds and Venture Capital. 13 November 2008 Securities Commission
The Regulatory Challenge Islamic Alternative Strategy Funds and Venture Capital 13 November 2008 Securities Commission Agenda Malaysia s Approach to Alternative Investments Regulatory Framework for the
More informationBURSA MALAYSIA BERHAD
BURSA MALAYSIA BERHAD The Preferred Investment Destination Meeting With Investors NDR to Dubai 4 May 2010 Dato Yusli Mohamed Yusoff, CEO Visit us at http://www.bursamalaysia.com Bursa Malaysia and its
More informationAN INTRODUCTION TO ISLAMIC FINANCE AND THE MALAYSIAN EXPERIENCE
AN INTRODUCTION TO ISLAMIC FINANCE AND THE MALAYSIAN EXPERIENCE by Renuka Bhupalan, Director, TAXAND MALAYSIA 1. Introduction Islamic financing is a burgeoning area in the field of banking and finance.
More informationZamani Abdul Ghani: Malaysia s role as an international Islamic financial centre
Zamani Abdul Ghani: Malaysia s role as an international Islamic financial centre Keynote address by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the International Takaful
More informationFINANCIAL COOPERATION
FINANCIAL COOPERATION OIC/COMCEC-FC/34-18/D(..) CCO BRIEF ON FINANCIAL COOPERATION COMCEC COORDINATION OFFICE April 2018 2017 0 CCO BRIEF ON FINANCIAL COOPERATION Financial Cooperation among the Member
More informationThe Role of Regulatory Bodies in the Development of the International Capital Market
First International Labuan Islamic Finance Conference The Evolution of the Global Islamic Capital Market Environment 6-7 July 2004 Convention Hall, Financial Park Complex Labuan, Malaysia The Role of Regulatory
More informationEnhancing the Resilience and Stability of the Islamic Financial System
Enhancing the Resilience and Stability of the Islamic Financial System Regulators Forum Global Islamic Finance Forum 2010 Special Session on Islamic Finance and Financial Stability Report Dr. Zeti Akhtar
More information8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits)
c ontents 8BURSA SUQ AL-SILA 10 SHARI AH COMPLIANT LISTED EQUITIES 2 THE MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) INITIATIVE 4 BURSA MALAYSIA 6 ISLAMIC MARKETS 12 SUKUK 14 ISLAMIC REAL ESTATE
More informationGLOBAL ISLAMIC BANKING AND FINANCE INDUSTRY: THE WAY FORWARD. Jamelah Jamaluddin RHB Islamic Bank, Kuala Lumpur, Malaysia.
SEGi Review ISSN 1985-5672 Vol. 4, No. 1, July 2011, 37-43 Corresponding author. E-mail: mohd_zain_othman@rhbislamicbank.com.my GLOBAL ISLAMIC BANKING AND FINANCE INDUSTRY: THE WAY FORWARD Jamelah Jamaluddin
More informationZeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment
Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the State Street Islamic
More informationRISING UP TO THE CHALLENGES IN ISLAMIC LIQUIDITY MANAGEMENT
RISING UP TO THE CHALLENGES IN ISLAMIC LIQUIDITY MANAGEMENT An Exchange s Perspective November 2010 Raja Teh Maimunah Global Head, Islamic Markets Contemporary Issues Managing liquidity is arguably the
More informationBursa Malaysia Berhad Merrill Lynch Global Emerging Markets Conference, California
Bursa Malaysia Berhad Merrill Lynch Global Emerging Markets Conference, California Tun Mohamed Dzaiddin Hj. Abdullah, Chairman Dato Yusli Mohamed Yusoff, CEO 5-7 June 2007 Disclaimer The contents of this
More informationFREQUENTLY ASKED QUESTIONS
Amendments to the Securities Laws following the Liberalisation of the Foreign Exchange Control Administration Rules & Other Regulatory Amendments to Further Enhance the Efficiency of the Capital Market
More informationTakaful Business Challenges and Opportunities
Life Insurance Conference 2012 Takaful Business Challenges and Opportunities 9 November 2012 Amara Sanctuary Resort Sentosa, Singapore By: Hans De Cuyper Chief Executive Officer Etiqa Insurance & Takaful
More informationCountry Case Presentation - MALAYSIA. Kamilah Mohamad Gemloc Advisory Services Workshop- Debt Market Development June 3, 2011 Rabat, Morocco
Country Case Presentation - MALAYSIA Kamilah Mohamad Gemloc Advisory Services Workshop- Debt Market Development June 3, 2011 Rabat, Morocco Debt Management Policy Government debt management policy involves
More informationIslamic Capital Market Review
Islamic Capital Market Review Tugu Peringatan Selangor, Shah Alam by Mohammad Aminullah Basir OVERVIEW The ICM has emerged as a significant area of growth and become part and parcel of the broader capital
More informationCAPITAL MARKETS AUTHORITY ISLAMIC CAPITAL MARKETS. Research, Market Infrastructure and Product Development
CAPITAL MARKETS AUTHORITY ISLAMIC CAPITAL MARKETS CONSULTATIVE FORUM Research, Market Infrastructure and Product Development 19 TH OCTOBER 2011 PRESENTATION OUTLINE Introduction Historical Development
More informationFacilitating Sustainable Financing. Noraizat Shik Ahmad Securities Commission Malaysia IIFM Seminar on Financial Markets 8 May 2018
Facilitating Sustainable Financing Noraizat Shik Ahmad Securities Commission Malaysia IIFM Seminar on Financial Markets 8 May 2018 1 Malaysia s capital market is well-positioned to leverage on the growing
More informationAvenue of Choice for your Investment and Fund Raising
Avenue of Choice for your Investment and Fund Raising Catalyst for growth SHAREHOLDER BANKS: www.iaplatform.com Edition : January 2017 www.iaplatform.com IAP INTEGRATED SDN BHD (1140341-W) 09-02, Level
More informationSUSTAINABILITY AND ISLAMIC FINANCE
15th Kuala Lumpur Islamic Finance Forum SUSTAINABILITY AND ISLAMIC FINANCE Zainal Izlan Zainal Abidin Securities Commission Malaysia 9 April 2019 Essence of Sustainability Meeting the needs of the present
More informationLaw of Banking and Security. DR. ZULKIFLI HASAN 15 th November 2011 Week IX
Law of Banking and Security DR. ZULKIFLI HASAN 15 th November 2011 Week IX Contents Securities? Capital Market? Regulatory Structure Regulatory Framework Governing Laws SC Bursa Malaysia Labuan Financial
More informationThe Role of Sukuk in Islamic Capital Markets
The Role of Sukuk in Islamic Capital Markets Islamic Fund Management Presented by Dr Marjan Muhammad (ISRA) and Ruslena Ramli (RAM Ratings) Ruslena Ramli and Dr. Marjan Muhammad 11 th Meeting COMCEC Financial
More informationISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: 10-YEAR FRAMEWORK AND FUTURE DIRECTION
ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: 10-YEAR FRAMEWORK AND FUTURE DIRECTION PRESENTED AT: 9th IDB Global Forum on Islamic Finance 24 June 2014 Jaseem Ahmed Secretary General ISLAMIC FINANCIAL
More informationBURSA MALAYSIA BERHAD
BURSA MALAYSIA BERHAD 33 rd Annual General Meeting Presentation to Shareholders Dato Yusli Mohamed Yusoff, CEO 29 March 2010 Visit us at http://www.bursamalaysia.com Bursa Malaysia and its Group of Companies
More informationThe Islamic Financial Services Board: Setting Standards for Islamic Finance
The Islamic Financial Services Board: Setting Standards for Islamic Finance The IAASB Consultative Advisory Group Meeting Date : 7-8 March 2017 Venue : New York, USA OUTLINE 1 Overview of the IFSB and
More informationVersion 1.6 June 2009 GROUND RULES FOR THE MANAGEMENT OF THE FTSE BURSA MALAYSIA INDEX SERIES
Version 1.6 June 2009 GROUND RULES FOR THE MANAGEMENT OF THE FTSE BURSA MALAYSIA INDEX SERIES 1 TABLE OF CONTENTS Section Subject 1. Introduction... 1.1 General 1.2 Headline FTSE Bursa Malaysia Index Series
More informationDiversification of Islamic Financial Instruments in Turkey
Republic of Turkey Undersecretariat of Treasury Diversification of Islamic Financial Instruments in Turkey Utku ŞEN Treasury Expert 9 th MEETING OF THE COMCEC FINANCIAL COOPERATION WORKING GROUP October
More information25 April Q2018 Financial Results
25 April 2018 1Q2018 Financial Results Agenda Key Financial Highlights Market Performance Conclusion Appendices 2 Key Financial Highlights Financial Highlights for 1Q2018 Operating Revenue Operating Expenses
More informationMALAYSIA AS AN INTERNATIONAL ISLAMIC FINANCIAL CENTRE
Disclaimer The Securities Commission of Malaysia does not represent nor warrant the completeness, accuracy, timeliness or adequacy of this material andit should not be relied on as such. The Securities
More informationIslamic Finance Industry: 2010 & Beyond
GIFF IFN Asia Forum 21 Islamic Finance Industry: 21 & Beyond Baljeet Kaur Grewal Managing Director & Vice Chairman KFH RESEARCH LTD 27 OCTOBER 21 CONTENT Overview of the Islamic Finance Industry Opportunities
More informationGlobal Sukuk Market Trends
Global Sukuk Market Trends Workshop on Developing Sukuk Markets Arab Monetary Fund World Bank Group Abu Dhabi, UAE April 19, 2015 Zamir Iqbal, PhD. The World Bank Global Islamic Finance Development Center
More informationThe region has been very successful in mobilizing resources
The region has been very successful in mobilizing resources US$ billions International reserves (minus gold) US$ billions Financial sector assets 16 12 14 12 Tha Phl Sgp Mys 1 Tha Phl Sgp Mys 1 8 6 Kor
More informationZeti Akhtar Aziz: Strategic positioning in a changing environment
Zeti Akhtar Aziz: Strategic positioning in a changing environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 2006 Dialogue Session with Insurers and Takaful
More information29 October M2018 Financial Results
29 October 2018 9M2018 Financial Results Agenda Key Financial Highlights & Market Performance Financial Review Highlights & Conclusion Appendices 2 Key Financial Highlights & Market Performance Financial
More informationLadies and gentlemen. Page 1 of 6. 1 MIFC publication statistics, September 2017
Keynote Presentation By Zainal Izlan Zainal Abidin Managing Director, Development & Islamic Markets Securities Commission Malaysia at the KLIFF 2017 Kuala Lumpur 4 October 2017 Ladies and gentlemen 1.
More informationThe State of the Islamic Capital Market & Future Prospects
The State of the Islamic Capital Market & Future Prospects Ijlal Alvi CEO IIFM Contents Global Market Perspective The Islamic Capital Market OIC Equity Market Malaysian Capital Markets Way Forward Future
More informationIslamic Finance : Work done in 2014
Agenda paper 7.1 Islamic Finance : Work done in 2014 [Malaysia, Lead Country, AOSSG Islamic Finance Working Group] 1 Key activities in 2014 Study of financial statements of Islamic financial institutions
More informationGUIDELINES ON UNLISTED CAPITAL MARKET PRODUCTS UNDER THE LODGE AND LAUNCH FRAMEWORK SC-GL/ (R3-2018)
GUIDELINES ON UNLISTED CAPITAL MARKET PRODUCTS UNDER THE LODGE AND LAUNCH FRAMEWORK SC-GL/4-2015 (R3-2018) 1 st Issued: 9 March 2015 Revised: 11 October 2018 GUIDELINES ON UNLISTED CAPITAL MARKET PRODUCTS
More informationInternational Standards for Islamic Finance
International Standards for Islamic Finance AAOIFI Introduction AAOIFI & IFRS - Comparison on structural objectives AAOIFI & IFRS - Categories of accounting standards for Islamic financial institutions
More informationThe Role of Sukuk in Islamic Capital Markets
The Role of Sukuk in Islamic Capital Markets Islamic Fund Management Presented by Dr Marjan Muhammad (ISRA) and Ruslena Ramli (RAM Ratings) Dr. Marjan Muhammad and Ruslena Ramli 11 th Meeting COMCEC Financial
More informationCHAPTER 8 DEVELOPMENT OF THE CAPITAL MARKET IN MALAYSIA. Ranjit Ajit Singh and Zainal Aznam Yusof
This chapter is reproduced from Capital Markets in Asia: Changing Roles for Economic Development edited by Donna Vandenbrink and Denis Hew, with the kind permission of the copyright-holder, Tokyo Club
More informationGCC STOCK MARKETS: FUNDAMENTALS, BUBBLES & GOVERNANCE IIF MENA Regional Forum Kuwait, 6-7 November 2006
GCC STOCK MARKETS: FUNDAMENTALS, BUBBLES & GOVERNANCE IIF MENA Regional Forum Kuwait, 6-7 November 2006 Dr. Nasser Saidi Chief Economist Dubai International Financial Centre November 2006 Agenda Recent
More informationIslamic Capital Market Overview & Role of Sukuk
Islamic Capital Market Overview & Role of Sukuk Islamic Finance A Paradigm Shift In Africa 28th 29th March 2011 Crowne Plaza Hotel Nairobi, Kenya Ijlal Ahmed Alvi Chief Executive Officer IIFM 1) Introduction
More informationCagamas Berhad The National Mortgage Corporation
1 1 Cagamas Berhad The National Mortgage Corporation Secondary Mortgage Markets : Asia Forum 2013, Bangkok Role of Cagamas in the Development of Secondary Mortgage Market in Malaysia Chung Chee Leong President
More informationIslamic Markets Programme (IMP)
Islamic Markets Programme (IMP) Establishing Appropriate Institutional, Legal and Regulatory Frameworks: The evolution of Islamic finance regulatory framework and Shariah screening reform Kamarudin Hashim
More informationMr. D.A.N. EKE DEPUTY DIRECTOR
AN OVER-VIEW OF CBN NON-INTEREST (ISLAMIC) BANKING FRAMEWORK Mr. D.A.N. EKE DEPUTY DIRECTOR BANKING SUPERVISION DEPARTMENT 29 TH JULY, 2009 Central Bank of Nigeria 1 Outline Central Bank of Nigeria 1.
More informationRegional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB
Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB Workshop: The Global Financial Crisis and the Reform of the Financial Regulatory
More informationSecurities Commission An Introduction
Securities Commission An Introduction The Securities Commission (SC) was established on 1 March 1993 under the Securities Commission Act 1993. Its purpose is spelt out in its Mission Statement: To promote
More informationLegal Aspects of Islamic Finance LCA4592 DR. ZULKIFLI HASAN
Legal Aspects of Islamic Finance LCA4592 DR. ZULKIFLI HASAN 1 Legal Systems CONTENTS Rationale for regulations Legal framework Regulatory and Supervisory Authorities International Standard Setting Agencies
More informationSession ASEAN Prospects for Capital Market Integration. by Tan Wai Kuen
Session 3.1.3 ASEAN Prospects for Capital Market Integration by Tan Wai Kuen 1 ASEAN Economic Community Vision 2015 AEC Blueprint 2015 envisages a regionally integrated capital market where: Capital can
More informationRESPONSIBILITY STATEMENT
Product Highlights Sheet dated 13 April 2018 MANULIFE INVESTMENT SHARIAH PROGRESS PLUS* FUND *The word Plus is used in the Fund s name as the Fund has a similar investment strategy as Manulife Investment
More informationMIA Regional Conference 2009
Securing Funds During an Economic Downturn: Islamic Financing Another Option By Narita Naziree, Associate Director, PricewaterhouseCoopers Capital 10 August 2009 Explanatory Notice This document was prepared
More informationINTRODUCTION TO ISLAMIC CAPITAL MARKET OF MALDIVES
c INTRODUCTION TO ISLAMIC CAPITAL MARKET OF MALDIVES Fathimath Shafeega Chief Executive Officer (CMDA) 1 Background The Capital Market Development Authority (CMDA) is an independent institutions responsible
More informationKey Statistics of Global Islamic Finance Industry
Treasury Markets Association Workshop on Islamic Finance 18 August 2008 Perspectives on Development of Islamic Finance in Hong Kong Mr. Edmond Lau Executive Director (Monetary Management) Hong Kong Monetary
More informationEXPANDING ISLAMIC FINANCE HOW REGULATORS ARE CHANGING THE WORLD
HOW REGULATORS ARE CHANGING THE WORLD By implementing reforms and amendments to national financial legislations, many of the world s regulators and government institutions are creating environments for
More information10 April Zarinah Anwar Deputy Chief Exeutive Securities Commission
10 April 2002 &RUSRUDWH5HVWUXFWXULQJ LQ 0DOD\VLD Zarinah Anwar Deputy Chief Exeutive Securities Commission q Background to corporate distress 2XWOLQH q Corporate restructuring: key institutions q Recent
More informationCagamas Berhad National Mortgage Corporation of Malaysia Corporate Bond Market in Malaysia : Issuer Perspective
Cagamas Berhad National Mortgage Corporation of Malaysia Corporate Bond Market in Malaysia : Issuer Perspective HIGHLY RESTRICTED 1 Overview Section 1: Local Currency Bond Market Overview Section 2: Challenges
More informationOutline. Recent Fiscal Development. Fiscal Policy on Shariah Business. Conclusion. Indonesia s Fiscal Policies
Outline Recent Fiscal Development Indonesia s Fiscal Policies Fiscal Policy on Shariah Business Taxation on Shariah business Government Support Strategic Plan Conclusion Conclusion 2 Indonesia s Fiscal
More informationCONTRIBUTION OF ISLAMIC FINANCE TO THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT 13 NOVEMBER 2017
CONTRIBUTION OF ISLAMIC FINANCE TO THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT 13 NOVEMBER 2017 AUTHOR: HABIB AHMED Durham University Business School, Durham University, United Kingdom habib.ahamed@durham.ac.uk
More informationAmBank Group - Strategy and Progress Update (ANZ Asia Tour)
AMMB Holdings Berhad AmBank Group - Strategy and Progress Update (ANZ Asia Tour) Jun 2010 Ashok Ramamurthy Deputy Group Managing Director & Group Chief Financial Officer Executive Summary Strategy & Progress
More informationISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE INVESTMENT (SRI)
ISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE INVESTMENT (SRI) ISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE Islamic finance is embedded on the principles of fairness, equality and ethics that lead to
More informationShamsun Anwar Hussain Director/ Head of Product Management, CIMB Islamic. Petronas A Back to Basics Approach on Sukuk Ijarah
Shamsun Anwar Hussain Director/ Head of Product Management, CIMB Islamic Petronas A Back to Basics Approach on Sukuk Ijarah Contents Section 1 Section 2 Section 3 Section 4 Section 5 A gold standard in
More informationDevelopment of Corporate Bond Markets in Emerging Markets
Development of Corporate Bond Markets in Emerging Markets IOSCO Survey Analysis and Report Clemente del Valle April 2012 Outstanding (USD trillion) Percentage (%) Bond markets in emerging markets expected
More informationKey Performance Highlights (H1FY11 vs H1FY10)
Press release, 12 November 2010 AMMB delivers a strong performance, PATMI of RM 701.2 mil for H1FY11, up 40.7% HoH Higher revenues and lower allowances, and good loans and deposit growth Proposed interim
More informationFINANCIAL COOPERATION
217 FINANCIAL COOPERATION CCO BRIEF ON FINANCIAL COOPERATION COMCEC COORDINATION OFFICE May 217 CCO BRIEF ON FINANCIAL COOPERATION Financial Cooperation among the Member Countries is of particular importance
More informationEXPLANATORY NOTE ON ISSUANCE AND SUBSCRIPTION OF SUKUK IN LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
EXPLANATORY NOTE ON ISSUANCE AND SUBSCRIPTION OF SUKUK IN LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE 1.0 Introduction 1.1 As part of the efforts to facilitate and promote the development of the
More information39 th Annual General Meeting
39 th Annual General Meeting DRIVING SUSTAINABILITY AND INCLUSIVENESS 31 March 2016 1 39th th AGM OF BURSA MALAYSIA BERHAD Welcome Remarks By The Chairman, Tan Sri Amirsham A Aziz www.bursamalaysia.com
More informationIslamic Financial Services Board (IFSB)
Islamic Financial Services Board (IFSB) Mutual Insurance and Takāful in a Changing World 12-13 November 2012 27-28 Zulhijjah 1433 Ceylan Intercontinental Hotel Istanbul, Turkey www.ifsb.org AGENDA About
More informationInvestor Day 19 March 2013
Investor Day 19 March 2013 Muzaffar Hisham Chief Executive Officer, Maybank Islamic Head, Group Islamic Banking Table of Contents Introduction 3 About Maybank Islamic 9 Financial Performance 16 Prospects
More information25 October M2017 Financial Results
25 October 2017 9M2017 Financial Results Agenda Key Financial Highlights & Market Performance Financial Review Highlights & Conclusion Appendices 2 Key Financial Highlights & Market Performance Financial
More informationLABUAN IOFC - THE INVESTMENT ROUTE TO ASIA. LABUAN INTERNATIONAL FINANCIAL EXCHANGE The Way Forward From A Listing Sponsor s Perspective
LABUAN IOFC - THE INVESTMENT ROUTE TO ASIA 12 TH December 2006 Shangri-la Hotel, Kuala Lumpur LABUAN INTERNATIONAL FINANCIAL EXCHANGE The Way Forward From A Listing Sponsor s Perspective Presented by:
More informationTA Securities Holdings Bhd
TA Securities Holdings Bhd RESILIENCE CONFIDENCE OPPORTUNITY Slide 1 PERFORMANCE OF EQUITY MARKET Expectations of an imminent recovery in global economy and corporate earnings drove up the FBM KLCI index
More informationM&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015
M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing
More informationGold in Islamic Finance. Andrew Naylor, Director, Central Banks and Public Policy May 2018
Gold in Islamic Finance Andrew Naylor, Director, Central Banks and Public Policy May 2018 About the World Gold Council The World Gold Council is the market development organisation for the gold industry
More informationLIST OF APPENDICES. Tax Incentives for Small and Medium Enterprises to Register Patents and Trademarks Enhancing Tax Incentive for Health Tourism
LIST OF APPENDICES Appendix 1 : Appendix 2 : Tax Incentives for Small and Medium Enterprises to Register Patents and Trademarks Enhancing Tax Incentive for Health Tourism Appendix 3 : Individual Tax Relief
More informationCORPORATE PROPOSALS NEW GUIDELINES IN RELATION TO TAKE-OVERS AND MERGERS
Operational Review CORPORATE PROPOSALS The Commission regulates the offerings and issues of securities by public companies, and debentures by private companies. It also regulates the listing of such securities
More informationDevelopment of the Islamic Capital Market
Development of the Islamic Capital Market Members of the Syariah Advisory Council Left to Right: Y Bhg Dato Dr Abdul Halim Ismail, Prof Madya Dr Mohd Daud Bakar, Dr Mohd Ali Haji Baharom, Y Bhg Datuk Md
More informationTakaful and Retakaful Challenges and Opportunities for Actuaries
Life Conference and Exhibition 2011 Safder Jaffer and Lindsay Unwin (Milliman) Takaful and Retakaful Challenges and Opportunities for Actuaries 22 November 2011 2010 The Actuarial Profession www.actuaries.org.uk
More informationIntroduction to Islamic Finance & Banking
Introduction to Islamic Finance & Banking World Bank BRSA - TKBB Joint Workshop on Innovative Product Development in Islamic Banks Istanbul, Turkey March 2, 2017 Zamir Iqbal, PhD. Lead Financial Sector
More informationISLAMIC FINANCE INDUSTRY OUTPERFORMS IN 2013
The global Islamic finance industry has sustained impressive double-digit growth in 2013 despite challenging global economic conditions, such as the emerging markets funds outflows in the light of tapering
More informationMalaysia s Capital Market Masterplan, : A Case Study
Malaysia s Capital Market Masterplan, 2001-2010: A Case Study Jim Woodsome WORKING PAPER February 2016 This paper, prepared for the Capital Market Authority of Rwanda, examines the process Malaysia s government
More informationMALAYSIA. Growth performance
MALAYSIA Growth performance The Malaysian economy recovered in the second half of 5, posting an annual growth rate of 5. percent, and the near-term outlook remains broadly positive. Real GDP expanded by
More informationInnovation in Islamic Retail Products - A Comparative Update Between Malaysia and GCC
Innovation in Islamic Retail Products - A Comparative Update Between Malaysia and GCC Presented to The International Islamic Finance Forum 2008 Presented By Ruslena Ramli April 14, 2008 Presentation Outline
More informationLABUAN IBFC ASIA PACIFIC S LEADING MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
LABUAN IBFC ASIA PACIFIC S LEADING MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE IBFC, located in Malaysia is strategically located in the heart of the Asia Pacific region, sharing a common time
More informationKey Activities of the WB/IFC Securities Markets Group. Global Capital Markets Development Department
Key Activities of the WB/IFC Securities Markets Group Global Capital Markets Development Department WB-IFC Securities Market Group (GCMSM) WBG Global Product Group for local securities market development
More informationIslamic Financing and Monetary Policy in a Dual Banking System: Experience and Evidence from Malaysia
Islamic Financing and Monetary Policy in a Dual Banking System: Experience and Evidence from Malaysia MUHAMED ZULKHIBRI Ph.D Islamic Research and Training Instute Islamic Development Bank All findings,
More informationInvest Malaysia, Hong Kong. 8 November 2012
Invest Malaysia, Hong Kong 8 November 2012 Invest Malaysia, Hong Kong (8 November 2012) Representatives from Bursa Malaysia Bhd: Dato Tajuddin Atan, CEO Datin Azalina Adham, Head of Strategic and Transformation
More information