Changes in customer preferences, and the emergence of new intermediaries and/or disruptors that leverage on technological innovation, are reshaping the way licensed persons are carrying on their general insurance and general takaful businesses.

The compendium compiles discretionary measures, taken by the jurisdictions of selected IFSB member Regulatory and Supervisory Authorities (RSAs), to combat COVID-19 pandemic. Since IFSB’s mandate primarily focuses on resilience and stability of Islamic financial services industry, the compendium selects only those member jurisdictions who have significant importance of Islamic finance in terms of market share and total assets.

Bank Negara Malaysia has enhanced the existing financing facilities under BNM's Fund for SMEs to provide greater assistance to SMEs in sustaining business operations and preserving jobs, as well as to support growth in current economic conditions.

Sustainable development has been globally recognised as an imperative, with commitments being made to address relevant issues by nations including Malaysia. Accordingly, the availability of finance supported by efficient financial markets would play a crucial role in ensuring that the global sustainable development needs are adequately supported. Bank Negara Malaysia and The Securities Commission Malaysia (SC) have long been cognisant of the need to promulgate and develop sustainable finance as it aligns closely with the underlying principles of Islamic finance. For capital market, the SC has established the Sustainable and Responsible Investment (SRI Roadmap) and facilitative regulatory framework to support sustainable and responsible investment.

Shariah governance is integral to the stability of the Islamic financial system. A sound Shariah governance framework strengthens public confidence in the integrity, management and business operations of Islamic financial institutions.

This article first appeared in Islamic Finance News on 15 January 2020

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The Malaysian government encourages the participation of foreign experts on Islamic finance in line with the nation’s goals for talent development.

10 year tax holidays on income earned from the takaful businesses conducted in foreign currencies byInternational Takaful Operators and International Currency Business Units of the takaful operators from years of assessment 2007 until 2016.

10 year tax holidays on income earned from the Islamic banking business conducted in foreign currencies byInternational Islamic Banks and International Currency Business Units of a licensed institution, namely the commercial banks, investment banks and Islamic banks from years of assessment 2007 until 2016.