EPICENTRE November 2022: In the spotlight: GIFF 2022
EPICENTRE November 2022: In the spotlight: GIFF 2022
In the spotlight: GIFF 2022
AIBIM has successfully organised the Global Islamic Finance Forum (GIFF) 2022, one of Malaysia's Islamic finance flagship events, during the first week of October 2022. Themed “Take the Reins”, GIFF 2022 focuses on emerging developments in Islamic finance such as fintech and digitalisation, value-based innovation and global opportunities for the Islamic finance industry to promote balanced, inclusive and sustainable growth.
This newsletter aims to give spotlight on key developments, initiatives and award conferment which were announced during the week, including:
The Royal Award for Islamic Finance (RAIF) award recipient
2022 Emerging Leader and Impact Challenge Prize winners
Establishment of MIFC Leadership Council
VBI Report Launch
VBIT Roadmap Launch
The MIFC Team
The Royal Award for Islamic Finance
The Royal Award for Islamic Finance 2022 was bestowed to Tan Sri Dr. Mohd Daud Bakar by the King of Malaysia, His Majesty the Yang di-Pertuan Agong at an award presentation ceremony held in Kuala Lumpur for his contributions to the development of the global Islamic finance industry.
Emerging Leader & Impact Challenge Prize
The Emerging Leader Prize, which recognises young international talent who have made outstanding contributions in advancing innovative ideas in the field of Islamic finance was awarded to Mr. Umar Abdullah Mahmud Munshi while the Impact Challenge Prize was awarded to duithape and Pod for their innovative solutions in Islamic finance.
MIFC Leadership Council
BNM and the Securities Commission Malaysia (SC) announced the establishment of the Malaysia International Islamic Financial Centre (MIFC) Leadership Council which will serve as a platform to provide industry stewardship in enhancing Malaysia’s proposition as a global marketplace and an international gateway for Islamic finance.
The Malaysian Takaful Association (MTA) launched the Value-based Intermediation for Takaful (VBIT) Roadmap, to complement the VBIT framework. The VBIT Roadmap, which entails action plans and expected deliverables, aims to assist the takaful industry players in implementing key initiatives to unlock the potential of the industry towards a more sustainable finance ecosystem.
Download the infographic below for overview of VBIT Roadmap.
Governor of BNM highlighted three key imperatives that can facilitate ihsan in Islamic finance to ensure that it continues to provide strong support for "value-based growth" - need for a whole-of-ecosystem alignment to the values of Islamic finance, action-oriented leadership and strengthening connectivity for greater innovation and impact.
"Finance has to serve the real economy, which in turn, must serve a progressive and just society most of all, and in it, is our role and moral duty to demonstrate the power of Islamic finance in addressing the biggest challenges facing society today."
The Malaysian Islamic Financial Market Roundtable Discussion was held to take stock on the state of development of the Islamic Financial Market (IFM) in Malaysia, as well as to discuss opportunities and challenges to further strengthen the intermediation roles of the IFM, particularly in sustainability space and utilizing Islamic social finance instruments.
Bank Negara Malaysia (BNM) recently launched the official logo of the iTEKAD programme, a blended social finance programme to support low-income microentrepreneurs with five new participating financial institutions to the programme.
The government announced the maturity of its two-year Sukuk Prihatin, which has been fully redeemed on September 22, 2022. The issuance had to be upsized by RM166.42 million with a final total subscription value of RM666.42 million.
Malaysia is actively cooperating with nine countries for the development of the halal industry ecosystem framework to accelerate economic cooperation and integration between countries and connectivity between regional markets.
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