IslamicFinance.de

Dr Zeti Akhtar Aziz is the first female central banker in Asia, being a key player in the global development of Islamic finance for more than a decade.
Tan Sri Dato' Sri Doctor Zeti Akhtar Aziz is Governor of Bank Negara Malaysia, the Central Bank of Malaysia. She was reappointed Governor for a further five year term beginning with 1 May 2011 by His Majesty the Yang di-Pertuan Agong.

Bloomberg, attended by Bank Negara Malaysia, has launched a Malaysian Foreign Currency Sukuk Index (BMSSUTR), a non-ringgit denominated index.
The new Bloomberg index will provide a global benchmark for the performance of sukuk bonds and the possibility to track movements of foreign currency issues.

The government sold 3 billion ringgit ($952 million) of Shariah-compliant notes due 2020 at an average yield of 3.998 percent, Bank Negara Malaysia announced on its website. Demand exceeded the amount of debt offered by 2.46 times.
It can be seen more demand arising from more Islamic banks operating in Malaysia, as well as a spillover from foreign investors.

Because of market developments and increasing competition which has led to product innovation and diversity, the Prudential Financial Policy Department of Bank Negara Malaysia has reviewed the regulatory framework for insurance and Takaful products "to further enhance consumer protection while according greater flexibility for insurers and Takaful operators to respond to changing market conditions, both in managing risks and enhancing their competitiveness".
The guidelines, stressed Bank Negara, which is also the insurance and Takaful regulator in Malaysia, aim to improve the time-to-market for insurance companies and Takaful operators to introduce new products; to promote sound risk management practices in managing and controlling product risk; and to further strengthen the duty of care owed to consumers in ensuring that products developed and marketed are appropriate to the needs, resources and financial capability of targeted consumer segments.

First Sovereign Advisory Sdn Bhd (FSA) aims to make financial freedom a reality by offering syariah perspective financial planning, which includes zakat planning. FSA is the first Islamic value-based financial adviser firm licensed by Bank Negara Malaysia and the Securities Commission in Malaysia. The company's business model is based on fair sharing formula between the company and its financial advisor representatives as well as with capital market service representatives. It also has license to offer other services like portfolio management and tax planning.

Malaysia's central bank said Wednesday it has approved four licenses for Islamic life insurance to mostly foreign-led operators as part of an ongoing liberalization to make Malaysia a regional Islamic finance hub. Bank Negara Malaysia said in a statement it had planned to award only two insurance -- or family takaful -- licenses but raised this to four due to growth potential in the sector, the country's economic recovery and the strength of the applicants.

Bank Negara Malaysia (BNM), the central bank, is pressing ahead with developing a series of Shariah parameters that would provide a standard guidance on applying the respective Shariah contracts in Islamic finance.

In fact, BNM in December 2009 published its latest draft concept paper -- a Shariah Parameter Reference 3 (SPRC 3) -- on the Mudarabah contract. The paper has been sent to various market players in the Islamic finance industry for feedback. This follows the publishing in October 2009 of "Concept Paper -- Guidelines on Takaful Operational Framework" which outlines the parameters governing the operational processes of the Takaful business.

Malaysia is well placed to weather the global financial crisis, well capitalised and with adequate liquidity, Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz told the Oxford Business Group (OBG), a global publishing, research and consultancy firm. She said several years of reforms, institutional development and capacity building, continuous efforts to enhance corporate governance and risk management standards and practices had significantly strengthened Malaysia’s banking system.

OBG is to publish The Report: Malaysia 2009, the latest of its annual business guides, with a comprehensive review of the country’s economy.

Bernama reported on 26 March that Bank Negara Malaysia announced the establishment of the International Shariah Research Academy for Islamic Finance (ISRA) to promote applied research in the area of Sharia and Islamic finance. It will also act as a repository of knowledge for Sharia views or fatwas and undertake studies on contemporary issues in Islamic financial industry. ISRA will be part of the International Centre for Education in Islamic Finance (INCEIF).

A Council of Scholars, comprising local and international Syariah scholars will be set up. Dr Mohamad Akram Laldin will be appointed as the executive director of ISRA.

Source: http://www.bernama.com.my/bernama/v3/news_lite.php?id=322895