Malaysia’s Royal Award for Islamic Finance (The Royal Award) continues its global search to honour an exceptional individual in the field of Islamic finance, with the opening of nominations.
The Royal Award, which was inaugurated in 2010 as a biennial award, is spearheaded by Bank Negara Malaysia and the Securities Commission Malaysia in support of the Malaysia International Islamic Financial Centre (MIFC) initiative. The Royal Award focuses on an individual’s record of achievement and outstanding contribution to the advancement of Islamic finance globally.
An independent seven member international jury, chaired by former Malaysian Deputy Prime Minister and Chairman of the World Islamic Economic Forum Foundation, Tun Musa Hitam, will select the deserving individual. The selection criteria of The Royal Award for Islamic Finance encompass both qualitative and quantitative aspects of an individual’s exceptional contribution towards Islamic finance globally. This includes financial innovation and pioneering work, exceptional leadership, adoption and acknowledgement within the industry, and inspiration and influence towards future progress and development of Islamic finance.
With immediate effect, nominations from the global financial community can be made via the website www.mifc.com/award. The closing date for nominations is 1 June 2012. For more information on The Royal Award, please visit www.mifc.com/award.
SECURITIES COMMISSION MALAYSIA
On behalf of the Malaysia International Islamic Financial Centre (MIFC) Initiative
Members of the Media may contact the SC’s Corporate Affairs Department at 03-62048595 (Anita Harben), 03-62048305 (Lau Mei San), or fax no.: 03-62015078 or e-mail:[email protected]
The recipient of the inaugural Royal Award for Islamic Finance in 2010 was Shaikh Saleh Abdullah Kamel of Saudi Arabia whose work over four decades had fast-tracked the global adoption of Islamic finance and continues to have sustained financial, economic and social impact in the world. Shaikh Saleh is widely credited for pioneering the adoption of Shariah-compliant principles in banking and business and was one of the first individuals to devise Islamic contracts for use in his business operations in the 1960s. To inspire and develop future talent and innovation, he established the Islamic Economics Research Centre, King Abdulaziz University and Jeddah Center for Science and Technology in Saudi Arabia and founded the Saleh Kamel Centre for Islamic Economy, Al-Azhar University, Cairo and Saleh Kamel Center for Banking Studies and Research, King Saud University, Saudi Arabia.
The Malaysia International Islamic Financial Centre (MIFC) initiative was launched in 2006 to position Malaysia as the international hub of Islamic finance; a meeting place for those with surplus funds and those seeking to raise funds, from anywhere in the world. Malaysia also serves as an epicentre for innovation and thought leadership in 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, re-takaful, capital market institutions, human capital development institutions and professional ancillary services companies which are participating and working collaboratively in Islamic finance.
Malaysia welcomes industry practitioners to conduct international business in Islamic finance through out the country, while enjoying attractive incentives in a business-friendly environment. As a destination for financial investment, Malaysia offers a platform and a gateway for global Shariah-compliant investment opportunities via the MIFC initiative. Malaysia’s wide range of international financial institutions offers extensive expertise and an array of products in Islamic finance. Business connections to each segment of our Shariah-compliant financial industry, with attractive value-propositions and opportunities, are available for global institutions, talents, investors and issuers.
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.
For more information on the MIFC initiative, please visit www.mifc.com.
About Bank Negara Malaysia
Bank Negara Malaysia (BNM) was estblished 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. 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.