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null EPICENTRE June 2022: Two Islamic digital bank licences approved and Malaysia Islamic Overnight Rate introduced

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EPICENTRE June 2022: Two Islamic digital bank licences approved and Malaysia Islamic Overnight Rate introduced
Two Islamic digital bank licences approved and Malaysia Islamic Overnight Rate introduced
 
Bank Negara Malaysia (BNM) has recently announced the five successful applicants for the digital bank licences of which two applicants are to be licensed under the Islamic Financial Services Act 2013. The digital banks are expected to further advance financial inclusion.

Download the infographic below for more information on digital banking in Malaysia

As an effort to further develop the Islamic finance industry, BNM also announced the launch of Malaysia Islamic Overnight Rate (MYOR-i), the first transaction-based Islamic benchmark rate in the world. MYOR-i aims to spur the development of innovative Shariah-compliant financial products which will further deepen Malaysia’s Islamic financial market. It will also reinforce a holistic Shariah-compliant ecosystem and enhance best market practices and standards.

In another development, the MIFC portal has a new look with enhanced features - i.e. MIFC Forum as a platform for industry discussion on Islamic finance, updated content and more vibrant interface. Explore the portal and share your experience with us via the survey (link below) and let us know how we can improve further.
Visit MIFC portal
Register an account for MIFC Forum
Participate in MIFC portal user experience survey


The MIFC Team
Download infographic
News

Five successful applicants for the digital bank licences
BNM announced the five successful applicants for the digital bank licences as approved by the Minister of Finance Malaysia with two applicants are to be licensed under the Islamic Financial Services Act 2013.
Read More
News

BNM launches MYOR-i to spur Islamic financial product innovation
BNM announced the launch of Malaysia Islamic Overnight Rate (MYOR-i) which aims to spur the development of innovative Shariah-compliant financial products which will further deepen Malaysia’s Islamic financial market. 
Read More
Report

BNM AR2021: Islamic financing reaches 42.5% of total loans/financing
The Islamic financing reached 42.5% of total loans/financing while takaful net contribution recorded 20.6% of total net premium/net contribution according to BNM's Annual Report 2021.
Read More
Report

Malaysia remains top in the global Islamic economy
Malaysia continues to remain in the top spot in the overall rankings for the ninth consecutive year of the State of the Global Islamic Economy Report 2022 and ranked first in four out of six sectors.
Read More
News

Malaysia’s takaful industry penetration rate rises to 18.6% in 2021 despite pandemic
Malaysia's takaful industry penetration rate rose to 18.6% last year from 16.9% recorded in 2020 and the landmark increase was the highest growth over a five-year period.
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News

VBIAF Working Group releases Sectoral Guides On Oil & Gas, Construction & Infrastructure and Manufacturing
The Value-based Intermediation Financing and Investment Impact Assessment Framework (VBIAF) Sectoral Guide Working Group issued the second cohort of the VBIAF Sectoral Guides on Oil & Gas, Manufacturing and Construction & Infrastructure which provide an in-depth impact-based risk management toolkit for financial institutions to implement VBIAF at a more granular and transactional level.
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Report

Moody’s: Malaysia’s Islamic banking sector on positive trajectory for growth
Malaysia's Islamic banking sector remains on a positive trajectory with ample room for growth with the banks’ strong balance sheets that enable them to continue expanding as the government further develops the sector.
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Report

SC AR2021: Size of Islamic capital market rises to RM2.31 tril in 2021
 
The size of the Islamic capital market increased to RM2.31 trillion as at end-2021 from RM2.26 trillion as at end-2020 which comprised a total market capitalisation of Shariah-compliant securities of RM1.2 trillion and total sukuk outstanding amounting to RM1.1 trillion.
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Report

HDC to introduce Waqf fund to assist MSMEs
Halal Development Corporation Bhd (HDC), in collaboration with Yayasan Wakaf Malaysia and selected banks, will introduce a waqf fund to assist MSMEs in developing the halal economy in the country.
Read More
INTERVIEW: Musa Hitam, the chair of the jury panel of The Royal Award for Islamic Finance
Read the interview
Upcoming Events
General and Family Takaful Products: Models and Operational Issues Webinar
Date: 23 June 2022

Structuring Sukuk Wakalah Webinar
Date: 30 June 2022

17th Kuala Lumpur Islamic Finance Forum 2022
Date: 16 & 17 August 2022

Muzakarah Penasihat Syariah Kewangan Islam Kali Ke-15
Date: 18 August 2022

Click here for more information on upcoming events
Global News on Islamic Finance
  1. Malaysia ready to offer Vietnam expertise, advisory services on Halal industry
  2. Southeast Asia's Islamic banking market set for 8% growth, says S&P
  3. Pakistan pushes ahead with full implementation of Islamic finance
  4. Bangko Sentral ng Pilipinas (BSP) to strengthen collaboration for Islamic banking
  5. Dubai launches Sukuk Al Waqf in a push to encourage humanitarian contributions
  6. BSP issues reporting guidelines for Islamic banking transactions
  7. Oman’s Islamic banking assets crosses USD15 billion mark
  8. Indonesia raises USD3.25 billion in its biggest global sukuk sale
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