Datuk Seri Najib Razak

Global calls for Najib's head to roll: #1MDB triggers massive shake-up in financial world

#Malaysia could find fame for triggering a new, more effective level of regulatory cooperation between the financial centres of the world. This can be the positive result from landing at the centre of the world’s biggest money-laundering investigation. Investigators are working closely to trace the US$7 bn gone missing from the 1MDB fund into a network of off-shore companies before emerging once again in the bank accounts of politically connected Malaysians. Meanwhile, the Government of Malaysia is continuing to act as if nothing has happened. Prime Minister Najib has been impeding investigations at home, but worldwide he is a smaller player. His political connections cannot save him from the independent justice departments of the various financial centres involved.

Demand for Islamic finance grew after 2008 economic crisis

Prime Minister Datuk Seri Najib Razak credited the 2008 global economic crisis, reportedly the worst since the Great Depression, for paving the way towards the growth of Islamic finance. He said the 2008 financial crisis, which was triggered by the bursting of a housing bubble in the United States and later contributed to the European sovereign-debt crisis, made alternative financial systems more sought after.
“Ever since the global economic crisis in 2007, 2008, I think there’s been a sharp demand for alternative economic and business models, specifically financial models that reduces the level of speculation. “Conventional model has that inherent weakness and more to kind of a genuine partnership, you share the risk and you share the profit. So Islamic finance has gained a lot of traction,” he said during a press conference at the 11th World Islamic Economic Forum in Kuala Lumpur here.

What’s known, unknown in money trail to Najib’s accounts

A special task force comprising the Attorney-General's Chambers, police, anti-corruption authorities and Bank Negara is now probing the claim made by The Wall Street Journal (WSJ) on July 2. WSJ has posted documents on the money flow into Najib's accounts on the Internet to support its report. WSJ's report centres on some US$700 million (RM2.67 billion) funnelled into two of Najib's accounts at AmBank in Kuala Lumpur. The money was transferred in five separate deposits from two originating points. According to WSJ, the largest portion of the money – US$681 million – was transferred to Najib's accounts in March 2013, ahead of the May general election (GE13). Najib has denied taking funds for personal gain.

Japan urged to partner Malaysia in tapping Islamic finance market: PM

Prime Minister Datuk Seri Najib Razak today urged Japan to partner Malaysia in engaging in Islamic finance-related activities and tap the huge global market. With Japanese industrial expertise and technology, and Malaysia’s technical expertise in Islamic finance, he said there was an opportunity to establish a formidable alliance. On a much larger scale, he said that in late 2013, China announced the plan to establish the Asian Infrastructure Investment Bank or AIIB, and currently has 57 charter members and a paid-up capital of US$50 billion.He added that Malaysia understands and respects that Japan has reservations over the AIIB, but regardless of the vehicle, it is apparent that Asian countries need to invest in tangible infrastructure assets.

US$1.5 billion sukuk a sign of our Islamic finance strength, says Najib

Malaysia's successful pricing of the US$1.5 billion (RM5.4 billion) global sukuk has strengthened the country's position as an international centre for Islamic finance, says Prime Minister Datuk Seri Najib Razak. Najib, who is also finance minister, said the 30-year tranche was the government's inaugural sukuk issuance, which is also the longest tenured sukuk. The issuance comprises US$1 billion of 10-year and US$500 million of 30-year benchmark Trust Certificates (Sukuk) for a total size of US$1.5 billion. Najib said the deal was oversubscribed, attracting an aggregate interest of US$9 billion from a combined investor base of more than 450 accounts.

PM to Muslims: Be moderate, adopt Wasatiyah concept

Najib said the 1MDB Foundation would also consider offering scholarships for students wanting to pursue other strategic and important fields like Islamic finance and banking.

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