We are pleased to introduce the new Epicentre, the MIFC newsletter. We hope to bring you highlights not just from Malaysia and MIFC, but also of interesting developments in Islamic finance from all over the world.

Let us know what you think about  this newsletter, or suggest articles, ideas and other developments which you think others in the community might find interesting.

May this Holy Ramadhan bring you joy and happiness. Blessed Ramadhan!

The MIFC Team


IMF to adopt global Islamic finance standards

The International Monetary Fund (IMF) has announced that it will formally recognise the Islamic Financial Services Board’s (IFSB) Core Principles for Islamic Finance Regulation (CPIFR) for Banking. With this recognition, compliance with the CPIFR will be assessed in countries where Islamic banking is systematically significant (i.e. with a share of 15 percent or more) as part of the Financial Sector Assessment Program (FSAP) which countries periodically undertake.

The recognition given of the CPIFR is a significant endorsement of the work of the IFSB, whose mission is to develop prudential standards for the global Islamic financial services industry. 
Read more
Deloitte: Bridging social infrastructure funding gaps with Islamic finance
Deloitte has released a whitepaper, "Scalable and Sustainable Source of Funding Social Infrastructure”, highlighting analysis, views and policy recommendations to bridge gaps in infrastructure funding. This report, produced in collaboration with the Chartered Institute of Securities and Investment (CISI), UK, and with contributions from prominent industry thought leaders highlights examples of Islamic financed funded social infrastructure projects from countries such as Bangladesh, Indonesia and Kazakhstan. 

The report also highlights the USD282 million Sukuk Ihsan  issued by Khazanah Nasional Berhad (Malaysia’s strategic investment fund), the world's first social impact bond to be rated globally. Proceeds from this issuance were disbursed to improve the accessibility of quality education in Malaysian schools. Read more

The Banker's 2018 Islamic Bank of the Year Awards
The Banker, a Financial Times publication, has just announced the winners of its 2018 Islamic Bank of the Year Awards. Among the winners this year include Abu Dhabi Islamic Bank, Maybank Islamic, Qatar Islamic Bank and Meezan Bank. Congratulations! Read more.

Is there Islamic finance beyond OIC?
Financial centres outside the OIC have had varying levels of success in venturing into Islamic finance. In a report titled "Islamic Finance Beyond the OIC", Thomson Reuters maps out the Islamic finance landscape and level of development in non-OIC countries. The UK, with its USD7 billion in Islamic finance is the current leader in this space, although other centres such as Luxembourg, South Africa and Russia are expected to rise. Read more.

Just last year, Thomson Reuters, together with the Islamic Corporation for the Development of the Private Sector (ICD), ranked Malaysia first in its Islamic Finance Development Indicator for the fifth consecutive year.


Creating a conducive ecosystem for trade
Just last week, Bank Negara Malaysia released an exposure draft on trade credit insurance and trade credit takaful for public consultation. The exposure draft sets out the Bank’s proposal to allow takaful operators in Malaysia to offer trade credit takaful, and to allow banks to recognise trade credit insurance and trade credit takaful as credit risk mitigation under the Basel capital framework. The consultation period ends in mid-July. Read more


Global Islamic Finance Forum – 3 and 4 October 2018 
The world’s most important gathering of leaders in Islamic finance is back!

To be held on 3 and 4 October 2018 in Kuala Lumpur, the forum assembles top business and thought leaders to discuss and debate topics and issues confronting the world of Islamic finance. This year’s forum, themed “Beyond Profit”, will draw speakers from a wide spectrum of organisations, ranging from the WWF, KKR, Dubai Islamic Bank and London Business School. 
Register now


Royal Award for Islamic Finance 2018
The Royal Award for Islamic Finance was introduced in 2010 to recognise Islamic finance leaders and visionaries who contribute significantly to the growth of Islamic finance globally and social progress of communities around the world.

The Royal Award for Islamic Finance is a distinctive Award recognising leaders and visionaries who have made stellar contributions to the advancement of Islamic finance globally. The most recent recipient of the Royal Award for Islamic Finance in 2016 was Professor Datuk Dr Rifaat Ahmed Abdel Karim, who was instrumental in the establishment of two international standard setting bodies – the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB).

The recipient of this year's Award will be named in October.
Learn more


Professional Ancillary Services Directory
MIFC has published its latest directory publication entitled “Islamic Finance Expertise Matters: Professional Ancillary Services” (the Directory). The Directory features the credentials, key expertise and cross-border track record of professional ancillary services providers in Malaysia focusing on Islamic finance solutions. Professional ancillary services providers included in the Directory are Shariah advisory firms, legal firms, accounting and audit firms, technology solutions firms, commodity trading platforms, rating agencies and human capital development entities. 

Click here to download.

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