IslamicFinance.de

Over the years, Malaysia has become a leader in Islamic finance and the world’s most important Islamic-finance centre. A little more than a fifth of the country’s banking system in terms of assets is compliant to the principles of Sharia. Compared to that, in Muslim countries the average percentage is about 12% or even a lot less. On the global sukuk market, Malaysia occupies a dominating position. In the first three quarters of last year, the country was responsible for almost three-quarters of total global issuance. In addition, an international standard-setting body - the Islamic Financial Services Board - is situated in Malaysia.

CIMB Group Holdings Bhd received its underwriting for global and local sukuk issuance fall in 2012. Meanwhile, the market share of HSBC Bank plc grew significantly during the same period. The total issuance for global sukuk of CIMB fell from US$7.77 billion in 2011 to US$6.21 billion (RM18.82 billion). As a result, its ranking dropped to second place and its market share eased to 12% from 17.7% in 2012. HSBC reached first place with total global issuance increasing to US$11.35 billion from US$4.88 billion in 2011. Its market share rosealmost double to 21.9% from 11.1% in 2011.

Despite the common opinion that joining a cooperative means that an individual can get loans, cooperatives are actually an important part of economic activities such as banking and construction as well as of the industrial and service sectors. Due to the sector's contribution to the nation's Gross Domestic Product (GDP), cooperatives are recognized by the government. Koperasi Permodalan Felda Malaysia Berhad (KPF) is introduced as a cooperative establishment to ensure sufficient funds for its workers.

Islamic finance in Malaysia prepares to compete more aggressively in the global financial market in order to continue its growth on a new level. In spite of the expected challenging year ahead and the slowdown in global economy, the continuation of the country's growth trajectory is very likely. The main reasons for the industry to remain favourable are the robust achievement recorded throughout the year combined with the “safe-haven investment” sentiment among investors.

This year's record of $46 billion in terms of global sukuk sales is very likely to be exceeded in the coming year. A key reason is that countries like Oman, Tunisia and Egypt are just entering the market. Borrowing costs on Sharia-compliant debt have decreased 11.4 percentage points reaching 2.82% since the end of 2008 due to central banks in Europe, the US and Japan pumping funds into their economies in order to enhance growth rates. A rise in the Islamic banking assets will drive the demand so that it can reach $1.8 trillion next year. Compared to that, in 2011 the demand was $1.3 trillion.

· To prepare the plan, analysis and report for post approval Shariah review.
· To assist post approval Shariah review activities on Islamic finance business activities.
· To liaise with the Group Internal Audit, staff at units/branches and commodity brokers before and after the execution.
· To assist in preparing and conducting the relevant Shariah training for the staff at branches/units.
· To do research in relation to Shariah Compliance and Review.

Manager, Fund Transfer Pricing, Finance
Main Responsibilities:
· To assist in the setting up of Fund Transfer Pricing (FTP) in BMMB with respect to policies, procedures and systems.
· To craft and review FTP periodic reports.
· To liaise with business units on allocation of costs.

The SGI-Mitabu launched the first ever Aussie sukuk in the Malaisian offshore tax haven Labuan, thus avoiding Australian rules that penalize Sukuk. The offshore paradise Labuan which has established a global financial hub in 1990 is located on the coast of eastern Sabah state on Borneo Island (Malaysia).

Malaysian central bank's governor confirmed that the new legislation for Islamic banking and takaful products is in the final stages. The new legislation should give a stronger legal basis to financial institutions. However, there was no time frame set for launch of the legal framework.

One of the leading foreign banks in Malaysia is looking for talented individuals to take on newly-created roles within its Islamic Finance division; Head of Islamic Finance and Islamic Client Coverage professionals.
For the Head position - your key purpose in this new role will be to develop the Bank’s Islamic Finance business. The Bank is also looking for experienced Islamic corporate bankers to undertake origination and client coverage functions of the unit.

The time necessary to issue an Islamic bond is a crucial issue for the sukuk Islamic bank market. According to Rushdi Siddiqui, Thomson Reuters global head of Islamic finance, the Malaysian sukuk market is developed in such a way that quick issuance is possible. The region needs to follow this example. Siddiqui compared the sukuk market with the state of the eurobank market in the 1960s and 1970s. Consequently, the sukuk market has to move in a forward direction and raise efficiency.

Coordinate and carry out sukuk investment research on assigned countries and industries. Maintain expert knowledge of relative value within and across those sectors. This includes maintaining credit rating, outlook and relative value assessments of all current holdings within assigned coverage.

Reporting to the CEO at it’s headquarters in Bahrain, the person will be responsible initially for managing a small team with a strong focus to develop it’s business in the Asiapac.

Able to identify new markets and establish relationships with FI’s

Global Islamic banking assets are expected to reach over $1.8 trillion in the coming year. This forecast by Ernst & Young is significantly higher than some industry estimates published earlier. The Islamic banking industry continuously grows worldwide and manages to sustain its quick pace. The top 20 Islamic banks demonstrate growth rates of 16% during the last three years. Saudi Arabia appears to be the largest market for Islamic assets.

In Malaysia, Islamic finance has been developing at a rapid pace during the recent years and has become a serious rival to conventional banking in largely Muslim countries like this. The pioneer lender in the country - HSBC - embodies the development and success of Islamic banking in Malaysia. However, in other countries the bank did not gain such a profit. Not long ago it even announced the closing of its Islamic finance operations in six markets, remaining present only in Saudi Arabia, Malaysia, and a scaled-down operation in Indonesia. The reason therefore is said to be the differences in interpretation of the Islamic law in different countries.

A recent report by the Association of Chartered Certified Accountants (ACCA) and KPMG states makes a call for co-operation between standard setters and Islamic banks. Thus, harmonization of financial reporting shall be enabled. ACCA supports the opinion that due to the rapid global growth in Islamic finance reports must be harmonized and consistent. Guidance and standards should be developed and the investor community should be educated on the most significant matters.

Tan Sri Dr Zeti Akhtar Aziz - governor of Bank Negara Malaysia - recently announced that the legislative process for the new legal framework for Islamic banking and takaful to be enacted is progressing. Not only will the new framework streamline the legal requirements across sectors but it is also expected to make sure that the law was reflective of the nature and features of Shariah contracts. Moreover, this way the degree of regulation would commensurate with level of risks that Islamic financial institutions, markets and products pose to the overall financial sytem.

To prepare management account and monthly management reports.
To assist in the budgeting process and the review of HLISB financial performance and the preparation of financial highlights.
Prepare the Profit and Loss account by business unit to monitor profitability of the respective unit on monthly basis.
To assist Unit Head in special project, especially for matters relating to accounting.

To enable effective Shariah Compliance on a bank-wide basis to ensure the bank's products, policies, procedures and systems are Shariah compliant.

To provide independent assurance to the Shariah Advisory Committee (SAC) on the effectiveness of controls in the above areas to be in line with Shariah restriction.

Also be responsible to perform research and establish Shariah standards for bank-wide adoption, to conduct review and testing for Shariah compliance with regards to HLISB head office operations, branches, centres etc.

Responsibilities

Team leader Islamic Investment Banking product development.
Responsible in developing, formulating, designing and packaging of innovative Islamic Investment Banking products
Involve in the development of the investment systems i.e. involved in preparation of user requirements, test scripts, and user acceptance testing.
Prepare, review and update manuals.
Preparing project charter, product papers to management.
To conduct training on new/enhanced products
Review and Update Islamic Investment Banking instruments (format & legal terms)