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Frequently Asked Questions

1. Why is Malaysia the choice location for an international Islamic centre?
   
   Malaysia is well regarded by the international financial community as one of the leading Islamic financial centres. Malaysia has put in place a strong foundation and the right pre-requisites to become an Islamic financial hub. In addition, Malaysia offers additional advantages such as strong economic growth and international trade, IT savvy workforce with fluency in English language, comparatively low cost of living amongst established financial centres, with modern physical infrastructure in place that provides comfortable living environment, significant resources, strong support from Government and strong international connectivity and communication.
   
   
   
   
2. What is the significance of the MIFC?
   
   MIFC was announced on 14 August 2006 by the Malaysian Government as an initiative to further strengthen Malaysia's position as an international Islamic financial centre. MIFC comprises a diversified range of financial institutions operating from anywhere in Malaysia which offers Islamic financial products and services in any currency to non-residents and residents. The MIFC initiative will be supported by high-calibre human capital, a world class financial infrastructure and practices that meet the best international standards. Under the MIFC initiative, Malaysia aims to be centre for origination, distribution as well as trading of Islamic treasury and capital market instruments; centre for Islamic fund and wealth and wealth management services; centre for international currency Islamic financial services (including deposits and financing); centre for takaful and retakaful; and centre for Islamic finance education, training, consultancy and research.
   
   
   
   
3. What are the advantages and benefits of joining the MIFC?
   
   The MIFC offers various incentives for players, issuers and investors looking to expand their business horizons in Islamic banking, takaful and Islamic capital markets in Malaysia. Please refer to MIFC - The Right Choice for more information.
   
   
   
   
4. How do companies apply?
   
   All applications will be forwarded to the MIFC Secretariat, which functions as the single contact point for processing of licensing, immigration and Foreign Investment Committee applications. Please refer to MIFC Regulatory Infrastructure for relevant MIFC guidelines and policies. Please click here for Application Forms.
   
   
   
   
5. Are there any foreign exchange restrictions for non-residents to remit funds to invest in Malaysia?
   
   There is no restriction for a non-resident to remit funds into Malaysia for investment. For more information on Malaysia's liberal foreign exchange administration policies, please click here.