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null Malaysia International Islamic Financial Centre (MIFC)

Malaysia International Islamic Financial Centre (MIFC)

Malaysia International Islamic Financial Centre (MIFC)

MIFC

The Malaysia International Islamic Financial Centre (MIFC) initiative was launched in 2006 to develop Malaysia as an international marketplace for Islamic finance. Since its inception more than 30 years ago, Islamic finance in Malaysia has progressed and developed into a sophisticated Islamic finance marketplace that is characterised by a robust regulatory and supervisory framework, a deep primary market and active secondary sukuk market, a diverse talent base with global capabilities and connectivity, and product breadth and depth. The Malaysian marketplace also provides an efficient system for multi-currency clearing and settlement.

The MIFC initiative comprises a community network of the country’s financial sector regulators, including Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia, Labuan Financial Services Authority and Bursa Malaysia (Kuala Lumpur Stock Exchange), Government ministries and agencies together with industry participation from the banking, takaful, re-takaful, capital market institutions, human capital development institutions and professional ancillary services companies which are participating and working collaboratively in Islamic finance. Malaysia welcomes industry practitioners to conduct international business in Islamic finance, while enjoying a highly conducive business environment. As a destination for financial investment, Malaysia offers a marketplace for global Shariah-compliant investment opportunities via a wide range of international financial institutions, extensive expertise and an array of Islamic financial products and services.

Governance Structure

Executive Committee

The MIFC Executive Committee acts as a single coordinating body to provide direction and to act collectively in the implementation of recommendations. It also functions as a body to review existing policies for the comprehensive and coordinated promotion of the MIFC initiative, and to align the roles and responsibilities of the respective parts of Government and the industry for the development of the MIFC initiative.

MIFC Exco is chaired by the Governor of Bank Negara Malaysia and the Committee comprises heads of relevant Ministries, Government departments and agencies, financial and market regulators, as well as industry representatives from the Islamic finance sectors, comprising:

Secretariat

The MIFC Secretariat functions as the working secretariat to the MIFC Executive Committee (the Committee). It acts on behalf of the Committee to coordinate and implement MIFC initiatives.

In particular, the MIFC Secretariat's key role is to operate as the single contact point for the MIFC initiative to facilitate smooth and hassle free experience for institutions wishing to leverage on Malaysia as an international Islamic finance hub. The MIFC Secretariat functions as the single contact point on Islamic finance related matters, including the followings:

  • Application to establish International Islamic Banking (IIB) and International Takaful Operator (ITO)
  • Application to establish International Currency Business Unit (ICBU)
  • Immigration matters for foreign Islamic finance professionals and their dependants
  • Foreign equity ownership and tax related matters

Contact details

MIFC Promotions Unit
Sasana Kijang
2 Jalan Dato' Onn
50480 Kuala Lumpur
Malaysia

T: +603 2692 3481
E: mifc@bnm.gov.my
www.mifc.com

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