|
Embargo: For immediate release
Malaysia International Islamic Financial Centre (MIFC) Regulators Dialogue with the Financial Industry
The Secretariat of the MIFC at Bank Negara Malaysia held a half-day dialogue session on the MIFC initiatives today. This dialogue between Bank Negara Malaysia, the Securities Commission and the Labuan Financial Services Authority with players of the financial industry is aimed at creating awareness with regard to the various MIFC initiatives and tax incentives announced recently by the Government. These initiatives are aimed at promoting Malaysia as an international Islamic financial centre for the origination, distribution and trading of Islamic market and treasury instruments, a centre for Islamic fund and wealth management, centre for takaful and retakaful, centre for international currency financial services and the centre for talent development.
The dialogue session involved the senior management of onshore and offshore financial institutions including commercial banks, Islamic banks, merchant banks, discount houses, takaful operators, insurance companies, development financial institutions, fund managers and stock broking companies. Industry players and the regulators exchanged views and deliberated on issues as well as the opportunities arising from the MIFC initiatives.
The Governor of Bank Negara Malaysia as Chairman of the MIFC Executive Committee delivered the keynote address and also chaired the panel discussion. Among the highlights in the key note address is the announcement that resident and foreign issuers will now be able to raise foreign currency denominated bonds, in particular Islamic bonds (sukuks), in the Malaysian capital market.
The foreign issuers eligible to take this opportunity are the sovereigns, quasi-sovereigns, multilateral development banks, multilateral financial institutions and multinational corporations, while resident issuers are the local MNCs. This represents part of Bank Negara Malaysia’s continuous efforts to promote the development of the Malaysian bond market, and to enhance Malaysia as a centre of origination, distribution and trading of sukuks. The issuance of foreign currency denominated bonds will also provide additional flexibility for both resident and foreign investors to diversify their investments into non-ringgit denominated investments in Malaysia.
Bank Negara Malaysia
1 November 2006
|
