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Takaful growing faster than conventional insurance
Malaysia's takaful industry has continued to grow at a faster rate than conventional insurance. It recorded a compound annual growth rate (CAGR) of 20.6% in the first nine months of 2022 (9M22) and outperformed conventional insurance’s CAGR of 10.8%, according to AmInvestment Bank Bhd (AmBank Research).
21 Feb 2023
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news
Association of Islamic Banking and Financial Institutions Malaysia inks strategic collaboration with ELMU Education Group
In line with the increasing pressure on organisations to instil and embed integrity and corporate governance in the midst of post pandemic recovery, the need for a strong culture of professionalism, integrity and governance across the financial services industry becomes more apparent to continuously strengthen the public’s confidence and trust in the financial system. Today, the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) represented by President and Group Chief Executive Officer, Bank Islam Malaysia Berhad, En. Mohd Muazzam Mohamed and ELMU Education Group (ELMU Group) represented by Chief Executive Officer, Dr. Kassim Noor Mohamed exchanged the Memorandum of Collaboration (MoC) witnessed by Datuk Sri Ahmad Khusairi Yahaya, Deputy Chief Commissioner(Operations) on behalf of the Malaysian Anti Corruption Chief Commissioner, YBhg. Tan Sri Dato’ Sri Azam Baki at Sasana Kijang, Kuala Lumpur.
16 Feb 2023
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press release
Bursa Malaysia Enhances Islamic Securities Selling and Buying – Negotiated Transaction Framework
Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) recently enhanced its Islamic Securities Selling and Buying – Negotiated Transaction (“ISSBNT”) Framework. ISSBNT is the world’s first Shariah-compliant alternative to Securities Borrowing and Lending, which the Exchange launched in December 2017. It involves the sale and purchase of Shariah-compliant securities, which delivers the equivalent outcome of a conventional securities borrowing and lending transaction, but is structured according to Shariah principles.
15 Feb 2023
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press release
The IFSB Disseminates PSIFIs Data for 2022Q3 on Islamic Banking Systems in Member Countries
The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level Prudential and Structural Islamic Financial Indicators (PSIFIs) data on the Islamic banking sector up to Q3 of 2022 from IFSB member jurisdictions. This 25th dissemination of PSIFIs data makes available, quarterly data from 2013Q4 to 2022Q3.
14 Feb 2023
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press release
The IILM receives sustained demand for its USD 920 million short-term Sukuk reissuance in February
The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, has successfully completed its second auction of the year with the reissuance of an aggregate USD 920 million short-term Ṣukūk across three different tenors of one, three, and six-month respectively.
14 Feb 2023
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press release
Exposure Draft on Hajah and Darurah
The exposure draft sets out the Bank’s proposed requirements and expectations for the application of hajah (need) and darurah (dire necessity) by Islamic financial institutions in carrying out Islamic banking and takaful business.
13 Feb 2023
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