:London :Dubai :Kuala Lumpur :New York
Sign in   |   Register


image Introduction to Risk Management in Islamic Banking – Basel II Compliance.
Event date: - 2012-12-07
image 12th Annual Islamic Finance Summit
Event date: - 2013-02-26
image The 3rd PPP MENA Conference
Event date: - 2013-03-17
image Islamic Finance Forum Europe
Event date: - 2013-05-28
  More Events    Add Event


Enter your keyword  

Follow Us

News by Topics

It has been reported that the Malaysian Prime Minister Najib Razak unveiled fresh plans to liberalise the country’s financial sector in a bid to develop it as an international Islamic hub.

"The financial system will have a key role in spurring new areas of growth, and facilitating our economic transformation," he said in remarks contained in a report by Bank Negara.

Under the 10-year programme, the sector is expected to expand 11 per cent annually between 2011 to 2020 and add another 56,000 jobs to the current 144,000.The report, entitled "Financial Sector Blueprint — strengthening our future", forecasts Islamic financing grow to account for 40 per cent of total financing in 2020 from 29 per cent last year.

"The Malaysian financial markets will grow in breadth and maturity, and become an important gateway to the ASEAN markets, while in Islamic finance" Malaysia will position itself as the leading international centre.

The nation’s banks will continue to expand in Southeast Asia, especially in Islamic finance, to support Malaysian businesses to boost cross border trade and investment, it said.

Najib hopes the financial sector will help realise his vision of transforming Malaysia into a developed economy by 2020. The target is to double income per capita to RM48,000 (US$16,000) in 10 years.His administration has already promised major infrastructure projects and financial market liberalisation to attract foreign investment and boost growth, but critics say the results have been limited.

Among the reforms introduced are new instruments for risk management, more efficient clearing and settlements of cross-border trade and investment and making transactions more efficient.

Yeah Kim Leng, chief economist with financial research firm RAM Holdings, said the plan aimed to develop global competitive financial institutions and channel excess domestic savings into sustainable investments.

"Failure (to do that) will result in slower economic growth as well as a less dynamic economy," he told AFP.The services sector is the main driver of the economy, accounting for 55 per cent of gross domestic product and financial services is one of the leading sub-sectors.

To bolster the sector including Islamic finance, the central bank said Malaysia will continue to roll out elements such as conducive tax environment and liberal foreign exchange administration policies.The central bank recommended the issuance of new Islamic banking licences and new takaful — insurance — licences to enable institutions to provide coverage to serve higher value-added economic activities.

Islamic banking fuses principles of Islamic law, known as Sharia, and modern banking methods. Islamic funds are banned from investing in companies associated with tobacco, alcohol or gambling.

Sharia-based finance also bans interest, which is seen as usury, and risks are shared between the creditor and borrower.Malaysia has 16 locally incorporated foreign banks, including HSBC and Citibank, and four foreign Islamic banking operators including Al Rajhi Banking & Investment Corporation and Deutsche Bank.

The previous 10-year plan was announced in 2001 where the country saw banking consolidation in the aftermath of the Asian financial crisis.

Share |


starting your own business with B&F Switching to B and f services


image How credit risk is associated with key macroeconom ...
Recently published article by Hamid A.H. Al-Wesabi & Nor Hayati Ahmad from University Utara Malaysia is answering the qu ...
image London can lead world as an Islamic Finance hub ...
Financial Time published the following article from George Osborne (UK chancellor of the exchequer) regarding this week ...
image The world bank will open its first centre on Islam ...
The world bank will open its first centre on Islamic Finance at Borsa Istanbul premises, the exchange market said Monda ...
image Busy November for Islamic Finance ...
Islamic Finance Calendar for November 2013: 1. The 9th World Islamic Economic Forum held in:London Date: MONDAY, NOV 4 ...
image Family Farming: The Key to Alleviating Hunger and ...
After decades of failed attempts to eradicate hunger, development agencies, internation ...

Share |

Company Recomendation of the week
Overseas Trade Finance   
We specialise in sourcing trade finance, and arrange funding for export transactions on behalf of exporters, and international trade finance professionals world wide. We arrange the finance for Trade related business and forfeiting. Visit: www.otfonline.com

Current issue

''The principle of Islamic Finance is about transparency, ethics and fairness, as well as promotin ...
main cover islamic


Subscribe Digital

  Current Issue     Trial Version     Digital     Archive  

Click to launch the full edition in a new window
Online Publishing from YUDU

Latest Books

image Islamic Branding and Marketing: Creating a Global Islamic Business
Author/Publisher: - Dr. Paul Temporal
image Understanding Islamic Banking: The Value Proposition That Transcends Cultures
Author/Publisher: - Joseph A. DiVanna
image Critical Issues on Islamic Banking and Financial Markets: Islamic Economics, Banking and Finance, Investments, Takaful and Financial Planning
Author/Publisher: - Saiful Azhar Rosly
image Product Development in Islamic Banks (Edinburgh Guides to Islamic Finance)
Author/Publisher: - Habib Ahmed
image Frequently Asked Questions in Islamic Finance (The Wiley Finance Series)
Author/Publisher: - Brian Kettell
  Buy Now      More Books  

QUOTE of the week

 Islamic finance is becoming an integral part of the global finance industry and has taken its roots in almost all of the Muslim countries but has also been under discussion and penetration in selective Western and Far Eastern jurisdictions

Moinuddin Malim, CEO, Mashreq Al Islami

GCB    Business Media Group - the Publisher    B&F Services Ltd.