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Malaysia - Leading the Way in Islamic Finance
Malaysia has been working hard to establish itself as a center for international Islamic finance. In August 2006, it hosted the Malaysian Islamic Finance Issuers and Investors Forum. In September 2006, the government's investment house (Khazanah Nasional Berhad) issued a USD750 million Islamic exchangeable bond - reported to be the largest ever of its kind. The central bank (Bank Negara Malaysia), the Securities Commission of Malaysia, Labuan Financial Services Authority, and the exchange holding company (Bursa Malaysia) have worked together to make Malaysia the dominant sharia-compliant asset generator in Asia.
Malaysia began offering Islamic banking services in 1983, and ranks first in an Asian Banker Research survey of institutions providing Islamic banking services. Malaysia holds 73% of the top 40 Islamic banking institutions' assets in the region. Banks in five other countries in Asia - Bangladesh, Brunei Darussalam, Indonesia, Pakistan, and Philippines - have recently begun to offer Islamic banking services, seeking to build market penetration in this growing sharia-compliant sector.
Links:
Malaysian Islamic Finance Issuers and Investors Forum 2006 "Malaysia - The International Islamic Financial Centre"
Maybank largest in Islamic banking in Asia Pacific
Bank Negara is top again in Islamic Finance
KFH wins Islamic banking awards
Malaysia on track to become premier global Islamic finance centre
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| The views expressed in the linked documents/web sites are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank (ADB) or its Board of Directors or the governments they represent. ADB makes no representation concerning and does not guarantee the source originality, accuracy, completeness, or reliability of any statement, information, data, finding, advice, opinion or views, presented in the linked documents/web sites. |
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