INCEIF Professional Development Panel Meeting
Friday, 22nd October 2010
Global Takaful Group Meeting
Tuesday, 26th October 2010
INCEIF Governing Council Meeting
Tuesday, 26th October 2010
Takaful CEO Round Table Discussion
26th October 2010
ISRA Council of Scholars Meeting
Thursday, 28th October 2010
Bank Negara Malaysia (BNM) was established in 1959, under the Central Bank of Malaysia Act 1958 (Revised -1994). The central bank is principally entrusted to uphold monetary and financial stability and maintain oversight over the payments system in the country. By maintaining monetary stability through prudent conduct of monetary policy, BNM has kept the average inflation low and preserved the purchasing power of the ringgit, thus securing the prospects for sustainable economic growth and development.Over the years, BNM has significantly contributed to the development of a comprehensive, efficient and resilient financial sector that has been able to meet the increasingly sophisticated needs of consumers and businesses. Malaysia’s financial sector now distinctively encompasses both the conventional and Islamic financial services.
Focusing in Islamic finance where Malaysia has a comparative advantage, BNM has taken the lead in promoting Malaysia as an International Islamic Financial Centre (MIFC). Within this initiative, BNM approves licences for establishment of International Islamic Banks and International Takaful Operators as well as building the necessary institutions, including International Centre for Education in Islamic Finance (INCEIF) and International Shari’ah Research Academy for Islamic Finance (ISRA) in promoting training, education and research to advance the talent development for the Islamic financial services industry. Meanwhile, the BNM Shariah Advisory Council ascertains applications of Shariah principles on Islamic financial services by providers under the purview of BNM and acts as an advisor to BNM on Shariah matters on such services.
The Association of Islamic Banking Institutions Malaysia (AIBIM) was established in 1995 with the objectives of fostering the establishment and conduct of sound Islamic banking systems and practices in Malaysia. In cooperation and consultation with Bank Negara Malaysia and other domestic regulatory bodies, AIBIM promotes and represents the interests of its members, to promote Islamic banking related education and training programmes and to work in collaboration with other similar associations and institutions worldwide.
AIBIM aims at promoting and representing the interests of members by all means and methods consistent with the laws of Malaysia in/or connected with Malaysia and to render where possible such advice or assistance as may be deemed necessary and expedient to members.
AIBIM also promotes education and training in Islamic banking as a means of upgrading Islamic banking expertise in Malaysia.
In pursuing the above objectives, AIBIM works in co-operation with other like-minded, domestic or international, associations and institutions.
The International Shariah Research Academy for Islamic Finance (ISRA) was established to promote applied research in the areas of Shariah and Islamic finance. It also acts as a repository of knowledge for Shariah views or fatwas and undertakes studies on contemporary issues in Islamic financial industry.
ISRA contributes towards strengthening human capital development in the areas of Shariah by providing platforms for greater engagements amongst practitioners, scholars, regulators and academicians via research and dialogues, in both the domestic and international arena. Through pioneering research and rigorous intellectual dialogue, ISRA aims to promote innovation and dynamism into new boundaries of Islamic finance. It is envisioned that with greater research and dialogues, mutual respect and recognition would emerge within the Islamic financial industry global community.
For more information on ISRA’, please log on to www.isra.my
Malaysian Takaful Association (MTA) was incorporated in 2003 with the objective of promoting the establishment of a sound takaful (Islamic insurance) structure in Malaysia in co-operation and consultation with the Director-General of Takaful. MTA also represents the interest of its Members in/or connected with Malaysia by all means and methods consistent with the laws and constitution of Malaysia.
To facilitate the objectives of MTA, one of the exercises was to set up an independent secretariat for the purpose of strengthening MTA and enhancing its services to its Members.
A few significant events and projects were held and launched which were in line with MTA’s objectives. For instance, the implementation of the Inter-Takaful Operators Agreement (ITA), Registration of Takaful Agents, annual International Convention on Takaful and Re-takaful (ICTR) and the Takaful Basic Examination (TBE).
REDmoney is a publishing and events company focusing purely on the global Islamic finance market. The company was started in mid 2004 in Kuala Lumpur, Malaysia by two ex-Euromoney managers, Andrew Morgan and Andrew Tebbutt and initially rolled out two products: Islamic Finance training and Islamic Finance news. Since then, a range of other products have been introduced including conferences, print media and consulting.
Since 2004 REDmoney has been the world’s leading specialized Islamic finance publishing, information and event company. The company aims to grow with this exciting industry and provide the products the industry requires to evolve and become the mainstream financing alternative it deserves to be recognized as.
ABOUT THE MIFC INITIATIVE
In August 2006, the Malaysia International Islamic Financial Centre (MIFC) initiative was launched to position Malaysia as a hub for international Islamic finance.
The MIFC initiative comprises a community network of the country’s financial and market regulators, including Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia, Labuan Financial Services Authority and Bursa Malaysia (Kuala Lumpur Stock Exchange); Government ministries and agencies together with industry participation from the banking, takaful, capital market institutions, human capital development institutions and professional services companies which are participating and working collaboratively in the field of Islamic finance.
The MIFC initiative is supported by global legal, regulatory and Shariah best practices that enables industry practitioners to conduct international business in Islamic finance activities anywhere in Malaysia in the areas of sukuk origination, Islamic fund and wealth management, international Islamic banking, international takaful and human capital development, while enjoying attractive incentives.
Through its "Shaping Islamic Finance Together" brand proposition, Malaysia welcomes global talents, leading players, issuers and investors to shape the future of Islamic finance together through the MIFC initiative, leveraging on and benefiting from Malaysia’s more than 30 years of experience in Islamic finance.