View this email in your browser
Happy New Year 2020!
In this first issue of the year, the MIFC newsletter brings you global developments and news on Islamic finance with highlights on policy and performance. There are several updates on issuances of policy documents by regulatory bodies that are important for the domestic and global regulatory development, among others issuance of exposure draft on Licensing Framework for Digital Banks by Bank Negara Malaysia and revised compilation guide on Prudential and Structural Islamic Financial Indicators 2019 by IFSB . While on the performance updates, global sukuk market ends the decade with a record high of USD157.8 billion total sukuk issuance in 2019. The global sukuk issuance also registered a soaring growth of 40.4% mainly driven by sovereign issuers, as countries such as United Arab Emirates (UAE), Saudi Arabia, Turkey and Indonesia ramped up sukuk issuance to support government developmental agenda. For more information on performance of global sukuk market in 2019, kindly download the infographic. 

Thank you,
The MIFC Team

Infographic: Performance of Global Sukuk Market in 2019
View Infographic
Exposure Draft

Bank Negara Malaysia to issue up to 5 digital banking licences

Bank Negara Malaysia (BNM) issued the Exposure Draft on Licensing Framework for Digital Banks. This framework forms part of the series of measures adopted by BNM to enable innovative application of technology in the financial sector. Up to five licences may be issued to qualified applicants to establish digital banks to conduct either conventional or Islamic banking business in Malaysia.
Read More
Exposure Draft

Valuation of Insurance and Takaful Liabilities

Bank Negara Malaysia issued the exposure draft on Valuation of Insurance and Takaful Liabilities which aims to ensure that liabilities are valued in a way that is adequately reflective of the underlying cash flow obligations of the insurance and takaful contracts; and consistent and comparable across different insurance and takaful products.
Read More

HSBC Amanah Malaysia Value-based Intermediation Disclosure

HSBC Amanah Malaysia recently published a report on the Value-based Intermediation (VBI) disclosure, which includes an overview of HSBC Amanah's products and services across business segments that articulate the VBI approach and principles in practice. VBI is an initiative driven by industry and Bank Negara Malaysia with an aim to deliver intended outcomes of Shariah through practices, conduct and offerings that generate positive and sustainable impact to the economy, community and environment, consistent with the shareholders’ sustainable returns and long-term interests

Read More

Islamic banking, technology to play big role in Malaysia's economy in 2020

Two prime industries that are expected to play a big role in Malaysia’s economy in 2020 are Islamic banking as well as technology. Malaysia has been positioned as a centre of excellence for Islamic banking, and would continue to be a global hub for Islamic finance going into 2020. 
Read More

The IFSB issues Revised Compilation Guide on Prudential and Structural Islamic Financial Indicators, 2019

In addressing latest global and domestic regulatory developments, the revised version of Compilation Guide on Prudential and Structural Islamic Financial Indicators (PSIFIs) 2019 covers guidance on collection, compilation and dissemination of PSIFIs for banking, capital markets and takaful institutions offering Islamic financial services. The Compilation Guide aims to act as a guide for standardising the methodology of data compilation and dissemination among institutions offering Islamic financial services.
Read More

AAOIFI issues the final standard on “Code of Ethics for Islamic Finance Professionals” for industry adoption

The newly issued code of ethics aims to provide the Islamic finance professionals a better and more comprehensive understanding of the concept of ethics.
Read More

GCC to play role in 2020 sukuk issuance

Global sukuk issuance in 2020 is expected to surge further on the back of strong growth in 2019 supported by continued demand for issuance from GCC countries and core Islamic finance markets.
Read More

Holistic approach to Shariah governance framework

Shariah governance is integral to the stability of the Islamic financial system. A sound Shariah governance framework strengthens public confidence.
Read More
Islamic Finance Library
Islamic Finance Dashboard
Other News
  1. Islamic banks ready to support SMEs
  2. Oman's Capital Market Authority issues Takaful Regulation
  3. Philippines' Monetary Board approves rules for Islamic banking framework
  4. Turkish Islamic banking set for fast growth after slow start
  5. UK invites banks to help with sale of UK's second sukuk bond
  6. UAE releases first set of guiding principles on sustainable finance that ‘take into consideration Shariah law’
If you have enjoyed this issue of Epicentre or found it useful, feel free to forward it to a colleague or friend. If this newsletter was forwarded to you, and you would like to be added to the mailing list, subscribe here
Copyright © 2020 Bank Negara Malaysia. All rights reserved.
Please log on to for more information. 

DISCLAIMER: The copyright and any other rights in the selection, coordination, arrangement and enhancement of the information in this electronic newsletter are owned by Bank Negara Malaysia. No part of this electronic newsletter may be modified, reproduced or published without prior permission in writing from Bank Negara Malaysia and the relevant copyright owner. Although every effort has been made to ensure the timeliness, accuracy, adequacy and completeness of this electronic newsletter, Bank Negara Malaysia accepts no responsibility or liability for errors or omissions, if any. The information contained in this electronic newsletter is only up-to-date at the time of transmission, and is not exhaustive and may be updated from time to time on the website: Bank Negara Malaysia shall not be liable for loss or damage caused by viruses transmitted by this electronic newsletter. Bank Negara Malaysia is not responsible for any unauthorised changes made to the information in this electronic newsletter or for the effect of such changes. Bank Negara Malaysia appreciates any feedback or suggestions for improvement.