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Tuesday, 13 November 2007

The Securities Commission of Malaysia was named the "Best Regulator for Islamic Funds"

KUALA LUMPUR, Nov 13 (Bernama) -- The Securities Commission of Malaysia was named the "Best Regulator for Islamic Funds" at the inaugural Master of Islamic Funds Awards held in Dubai Tuesday.The recognition comes at a time when Malaysia is growing in importance as a centre of innovation for the Islamic capital market.The award is an important recognition of the SC's efforts to develop the Islamic investment management industry and Malaysia's Islamic financial market, said SC Chairman Datuk Zarinah Anwar in a statement issued by the SC here Tuesday.Among Malaysia's feats and list of "world firsts" include the issuance of the first global sovereign sukuk of US$600 million and the first rated Islamic residential mortgage-backed securities, first exchangeable sukuk of US$750 million and the first listed Islamic Real Estate Investment Trust (REIT).In the first six months of this year, half of the world's sukuk amounting to US$5.9 billion were issued out of Malaysia.The Islamic capital market in Malaysia is sizeable with 86 percent of all listed companies on Bursa Malaysia being Syariah-compliant, SC said."Additionally, Malaysia's Islamic unit trust industry is the world's largest with a net asset value of US$3.8 billion," Zarinah said.She however added that markets and intermediaries can only grow faster if there are increasing cross border transactions and investments."Our track record in pioneering and commercialising new products, the depth and breadth of our markets and our robust regulatory framework will enable us to strengthen our linkages with other market," she said.The co-winner of the "Best Regulator for Islamic Funds" award was the Dubai Financial Services Authority with which the SC inked a mutual recognition agreement in March this year, opening the gateway for cross border distribution and marketing of Islamic funds between Malaysia and the Dubai Financial Centre.

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