Malaysia to boost efforts to become Global Islamic Finance hub

Malaysia will continue its efforts to strengthen its position as an international Islamic financial centre and contribute towards the internationalisation of Islamic finance.

The Ministry of Finance, in the Economic Report 2011/2012 released here today, said this can be done by developing syariah-compliant products and services as well as tools to facilitate and support cross-border transactions.

The ministry said the implementation of the Syariah Governance Framework on July 1 2011 would further strengthen the oversight role, authority, accountability, independence and competency of the Board of Directors, the Syariah Committee and the Management of Islamic financial institutions on syariah matters.

The ministry said it would further boost stakeholders' confidence and enhance the integrity of the Islamic financial industry, thereby reducing syariah non-compliance risk and contribute towards maintaining institutional soundness and financial stability.

The Islamic capital market continued to serve a significant role as an alternative source of raising capital, the ministry added.

The full story is available at Bernama.

Also Read

BOK joins project exploring use of tokenisation to improve cross-border payments

SCB names ex-Citi banker as new SVP and chief wholesale banking officer

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

APAC payments gateway market to rise 30% as cashless economy expands

The market is expected to grow by over 11% between 2023-2027.

Banking Technology

4 hours ago

Trading platform Banxso secures Australian license

It will offer real-time data, analytics tools, and educational resources.

Banking Technology

4 hours ago

Payment firm Nium now a registered financial service provider in New Zealand

It plans to offer virtual accounts, and debit and prepaid cards, amongst other services.

Markets

4 hours ago

Bangkok Bank bookmarked $1.09b in cash for Songkran 2024

The cash was expected to have served over 8,000 ATMs and branches.

Cards & Payments

4 hours ago

Exclusives

Banks grapple through era of disruption by being the disruptor

Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.

Retail Banking

4 days ago

Empathy deficit erodes customers’ trust in banks

Customers who feel valued are willing to spend more for banking products.

Banking Technology

What Makes BNI's API Service Stand Out in the Open Banking Era?

Until December 2023, the bank's application programming interface attracted 4,000 customers and generated transactions worth IDR 828 trillion in the past year.

BPI Private Wealth aims to double assets and capture 25% local HNW market