The Securities Commission Malaysia Teams Up With Oxford Centre For Islamic Studies

The Securities Commission Malaysia (SC) and the Oxford Centre for Islamic Studies (OCIS) have teamed up to create an international platform for debate, dialogue and study on contemporary issues and challenges faced in Islamic finance.

The inaugural collaboration with the OCIS, will help further facilitate intellectual discourse among Islamic finance experts, Shariah advisers and scholars from around the world, the SC said in a statement here, Thursday.

The OCIS is well known for its research and academic excellence.

“The collaboration reflects our commitment to building knowledge and encouraging research and discourse in Islamic finance,” SC Chairman, Tan Sri Zarinah Anwar said.

Towards this end, both sides will jointly host a high-level roundtable and public forum on March 15-16 in Kuala Lumpur, to discuss the way forward for Islamic finance following the global financial crisis.

OCIS Director, Dr Farhan Nizami said it had embarked on the study of Islamic finance, in a move to promote a more comprehensive understanding of Islamic culture and civilisation.

“The OCIS is dedicated to achieving by academic means, a better understanding of Islam and the needs of Muslim societies. As part of this objective, it is embarking on the study of Islamic finance,” he explained.

“Given Malaysia’s success in the development of Islamic capital markets, the OCIS welcomes the opportunity to work in partnership with the SC in this important area of study,” he added.

Meanwhile, the topic for the closed-door roundtable is,”Developing a Scientific Methodology on Shariah Governance for Positioning Islamic Finance Globally”.

The public forum on March 16 will see 300 industry practitioners, regulators and scholars attending. It will discuss the contribution of Islamic finance, post the financial crisis.

Raja Dr. Nazrin Shah ibni Sultan Azlan Muhibbuddin Shah, the Regent of Perak, who is also the Financial Ambassador to the Malaysia international Islamic Financial Centre (MIFC), will deliver his keynote address at both events.

source : bernama

Bank Islam and Affin conclude RM300m deal for college

Bank Islam Malaysia Bhd this morning concluded a syndicated Islamic financing facility of RM330 million for Kedah Sato Sdn Bhd, a wholly owned subsidiary of Bina Darulaman Bhd (BDB), for the construction and development of a permanent campus for Kolej Universiti Insaniah (KUIN) in Baling, Kedah.

Bank Islam, the lead arranger, completed the exercise with the participation of Affin Islamic Bank Bhd as co-arranger. Bank Islam’s syndication is RM200 million, while Affin Islamic’s portion is RM130 million.

The facility will be used to finance the total construction and development and other costs relating to the KUIN project. Under the financing structure, Kedah Sato shall settle the facility over 15 years, inclusive of a three-year grace period.

The agreements for the facility were signed this morning between Kedah Sato, Bank Islam and Affin Islamic. The event was witnessed by Kedah Menteri Besar Datuk Seri Azizan Abdul Razak.

“The syndicated financing will contribute to the economy of the State. Currently, Kedah is experiencing economic growth at a very exhilirating rate representing five per cent of the nation’s gross domestic product (GDP), and foreign direct investment (FDI) and a strong potential in its major industries which are hi-tech,
bio-tech and manufacturing sector.

Bank Islam managing director Datuk Seri Zukri Samat said, Bank Islam had also provided the financing for KUIN’s present campus, comprised of shop house buildings located at Lebuhraya Sultanah Bahiyah, Alor Setar.

KUIN, an institute of higher learning for Islamic studies, has a current enrolment of over 4,000 students. KUIN’s new campus will cater to the expansion and growth of the college as well as the growing student population.

source : mmail.com

Malaysia urged to expand Islamic Banking to Bosnia

By CHOI TUCK WO

SARAJEVO: Malaysia has been urged to expand its Islamic banking to Bosnia and Herzegovina due to the rising interest in such products and services, according to the countrys first Islamic bank CEO.

Amer Bukvic of Bosna Bank International made an impassioned plea to Datuk Seri Abdullah Ahmad Badawi to encourage Malaysian banks to capitalise on their expertise in Islamic financial banking and invest here.

He said Europes big financial groups were slowly moving towards that direction but they did not have the expertise and experience compared with Malaysia.

“And this is where Malaysia has the edge. You should move fast to benefit from the increasing interest in Islamic banking,” he said when elaborating on his question to the Prime Minister during the Malaysia-Bosnia and Herzegovina Business Forum on Thursday.

Apart from Islamic banking, issues ranging from as diverse as terrorism and barter trade to halal and mineral water and health spa products were raised during Abdullahs dialogue with more than 700 Malaysian and Bosnian businessmen and captains of industry.

Bukvic said Malaysia was, in fact, indirectly represented in the country as his bank was established by the Islamic Development Bank of which the Malaysian government was among the owners.

However, he said, Malaysian banks should expand directly to the Bosnian market since it had a well established Islamic financial system covering banking, insurance, Takaful and other products.

The Malaysian Prime Minister, Dato Seri Abdullah Ahmad Badawi, right,shakes hands with his Bosnian counterpart Nikola Spiric,left, during his visit to Bosnian capital of Sarajevo on Thursday. (AP Photo/Hidajet Delic)
He noted that there were 34 European banks in Bosnia and Herzegovina, all of which were making huge profits as the financial sector was well regulated..
Their investments are in excess of one billion euros as the top few banks alone are worth around 100 million euros each, said Bukvic, who is an alumni of the International Islamic University in Petaling Jaya.

He added the state faculty was establishing an MBA in Islamic finance due to the rising interest in such products.

In his response earlier, Abdullah urged the Malaysian delegation to take note of Bukvics remarks about the prospects of expanding Islamic banking services to the country.

The prime minister stressed that Islamic banking was not exclusively for Muslims but for non-Muslims too.

He added that Malaysias commercial and foreign banks had Islamic windows while some Islamic banks specifically set up by businessmen or banks from the Middle East were doing very well.

Their support, he added, came not only from Muslims but non-Muslims as well as they wanted to take advantage of the Islamic banking and financial services.

source : the star online