ID :
87816
Wed, 11/04/2009 - 11:02
Auther :
Shortlink :
https://oananews.org//node/87816
The shortlink copeid
ISLAMIC FINANCE PLAYERS URGED TO LEAD IN ATTRACTING FUND MANAGERS
KUALA LUMPUR, Nov 4 (Bernama) -- Islamic finance players must take the lead in further strengthening the architecture of the sector to attract global Islamic fund management companies to establish their operations in the country, said Minister in the Prime Minister's Department Nor Mohamed Yakcop.
He said players should continue embarking on extensive marketing as well
as
promotions as these efforts were particularly essential in creating attractive
environment for the benefit of both parties.
"Vigorous efforts are required to drive innovation to meet the changing
requirements and innovation is key to value adding the future of Islamic
finance," he said at the KLIFF Islamic Finance Awards Dinner 2009 here Tuesday
night.
"The greater challenge is to enhance our global position, particularly
given the increasingly intense competition in this fast-growing segment of the
international financial market," Nor Mohamed said.
Meanwhile, he disclosed that Malaysia's bond market like Sukuk has
maintained its dominance, currently accounting for 58 per cent of total bond
market, adding that sukuk issuance totalled RM6.4 billion (US$1=RM3.42) with
three large
issues of between RM1 billion and RM2.5 billion so far.
"Up to October, Sukuk (islamic bonds) issuance totaled RM26.1 billion,
accounting for 54 per cent of total bonds issued of RM48.6 billion," he said.
Nor Mohamed said the issuance of Islamic securities has also maintained its
dominance with about 87 per cent of the listed securities on Bursa Malaysia
being Syariah-compliant, which account for some 65 per cent of total market
capitalisation.
On the unit trust industry, Islamic funds currently account for 12 per cent
of the total net asset value of the industry and its growth has been
encouraging, he added.
Later Nor Mohamed presented the KLIFF Award to the most outstanding
individual for contribution to Islamic finance to Azman Hashim who is
executive chairman of Amcorp Group Bhd and Sheikh Dr Mohamed Ali Elgari who is
currently Professor of Islamic Economics at the King Abdul Aziz University,
Saudi Arabia.
Meanwhile, the most outstanding institution for contribution to Islamic
finance award went to Al Baraka Banking Group of Bahrain.
Other awards announced included the most outstanding Islamic Bank (Maybank
Islamic Bhd), most outstanding Islamic retail banking (Bank Kerjasama Rakyat
Malaysia), most outstanding Islamic investment banking (CIMB Islamic Bank Bhd),
most outstanding Takaful company (Etiqa Takaful Mlaaysia Bhd), most outstanding
Islamic fund manager (Public Mutual Bhd), most outstanding Islamic finance
product (Bursa Suq Al Sila Commodity Murabahah House), most outstanding Islamic
financing product (Air Asia's US$336 million French single investor leasing),
most innovative Islamic project financing (Projek Lintasan Shah Alam's Sukuk
al-Ijarah RM330 million and Sukuk al-Mudarabah RM415 million) while the most
innovative sukuk issuance went to Petronas' US$1.5 billion Gold Global Sukuk.
-- BERNAMA
He said players should continue embarking on extensive marketing as well
as
promotions as these efforts were particularly essential in creating attractive
environment for the benefit of both parties.
"Vigorous efforts are required to drive innovation to meet the changing
requirements and innovation is key to value adding the future of Islamic
finance," he said at the KLIFF Islamic Finance Awards Dinner 2009 here Tuesday
night.
"The greater challenge is to enhance our global position, particularly
given the increasingly intense competition in this fast-growing segment of the
international financial market," Nor Mohamed said.
Meanwhile, he disclosed that Malaysia's bond market like Sukuk has
maintained its dominance, currently accounting for 58 per cent of total bond
market, adding that sukuk issuance totalled RM6.4 billion (US$1=RM3.42) with
three large
issues of between RM1 billion and RM2.5 billion so far.
"Up to October, Sukuk (islamic bonds) issuance totaled RM26.1 billion,
accounting for 54 per cent of total bonds issued of RM48.6 billion," he said.
Nor Mohamed said the issuance of Islamic securities has also maintained its
dominance with about 87 per cent of the listed securities on Bursa Malaysia
being Syariah-compliant, which account for some 65 per cent of total market
capitalisation.
On the unit trust industry, Islamic funds currently account for 12 per cent
of the total net asset value of the industry and its growth has been
encouraging, he added.
Later Nor Mohamed presented the KLIFF Award to the most outstanding
individual for contribution to Islamic finance to Azman Hashim who is
executive chairman of Amcorp Group Bhd and Sheikh Dr Mohamed Ali Elgari who is
currently Professor of Islamic Economics at the King Abdul Aziz University,
Saudi Arabia.
Meanwhile, the most outstanding institution for contribution to Islamic
finance award went to Al Baraka Banking Group of Bahrain.
Other awards announced included the most outstanding Islamic Bank (Maybank
Islamic Bhd), most outstanding Islamic retail banking (Bank Kerjasama Rakyat
Malaysia), most outstanding Islamic investment banking (CIMB Islamic Bank Bhd),
most outstanding Takaful company (Etiqa Takaful Mlaaysia Bhd), most outstanding
Islamic fund manager (Public Mutual Bhd), most outstanding Islamic finance
product (Bursa Suq Al Sila Commodity Murabahah House), most outstanding Islamic
financing product (Air Asia's US$336 million French single investor leasing),
most innovative Islamic project financing (Projek Lintasan Shah Alam's Sukuk
al-Ijarah RM330 million and Sukuk al-Mudarabah RM415 million) while the most
innovative sukuk issuance went to Petronas' US$1.5 billion Gold Global Sukuk.
-- BERNAMA
