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Tuesday, 3 November 2009

Islamic Finance Players Urged To Lead In Attracting Fund Managers

KUALA LUMPUR, Nov 3 (Bernama) -- Islamic finance players must take the lead in further strengthening the architecture of the sector to attract global Islamic fund management companies to establish their operations in the country, said Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop.

He said players should continue embarking on extensive marketing as well as promotions as these efforts were particularly essential in creating attractive environment for the benefit of both parties.

"Vigorous efforts are required to drive innovation to meet the changing requirements and innovation is key to value adding the future of Islamic finance," he said at the KLIFF Islamic Finance Awards Dinner 2009 here Tuesday night.

"The greater challenge is to enhance our global position, particularly given the increasingly intense competition in this fast-growing segment of the international financial market," Nor Mohamed said.

Meanwhile, he disclosed that Malaysia's bond market like Sukuk has maintained its dominance, currently accounting for 58 per cent of total bond market, adding that sukuk issuance totalled RM6.4 billion with three large issues of between RM1 billion and RM2.5 billion so far.

"Up to October, Sukuk issuance totaled RM26.1 billion, accounting for 54 per cent of total bonds issued of RM48.6 billion," he said.

Nor Mohamed said the issuance of Islamic securities has also maintained its dominance with about 87 per cent of the listed securities on Bursa Malaysia being Syariah-compliant, which account for some 65 per cent of total market capitalisation.

On the unit trust industry, Islamic funds currently account for 12 per cent of the total net asset value of the industry and its growth has been encouraging, he added.

Later Nor Mohamed presented the KLIFF Award to the most outstanding individual for contribution to Islamic finance to Tan Sri Azman Hashim who is executive chairman of Amcorp Group Bhd and Sheikh Dr Mohamed Ali Elgari who is currently Professor of Islamic Economics at the King Abdul Aziz University, Saudi Arabia.

Meanwhile, the most outstanding institution for contribution to Islamic finance award went to Al Baraka Banking Group of Bahrain.

Other awards announced included the most outstanding Islamic Bank (Maybank Islamic Bhd), most outstanding Islamic retail banking (Bank Kerjasama Rakyat Malaysia), most outstanding Islamic investment banking (CIMB Islamic Bank Bhd), most outstanding Takaful company (Etiqa Takaful Mlaaysia Bhd), most outstanding Islamic fund manager (Public Mutual Bhd), most outstanding Islamic finance product (Bursa Suq Al Sila Commodity Murabahah House), most outstanding Islamic financing product (Air Asia's US$336 million French single investor leasing), most innovative Islamic project financing (Projek Lintasan Shah Alam's Sukuk al-Ijarah RM330 million and Sukuk al-Mudarabah RM415 million) while the most innovative sukuk issuance went to Petronas' US$1.5 billion Gold Global Sukuk.

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