KUALA LUMPUR: The Securities Commission (SC) will issue another batch of Islamic fund management licences by year-end, apart from the three already granted to Kuwait Finance House, DBS Bank of Singapore and CIMB-Principal.
SC chairman Datuk Zarinah Anwar said the move was aimed at further promoting Malaysia as an Islamic fund management centre and global centre of excellence for Islamic fund managers.
“The Islamic capital market has thrived to the extent that it now accounts for a highly significant portion of the overall Malaysian capital market,” she said in her opening address at the Malaysian Islamic Finance Issuers & Investors Forum 2008 yesterday.
Zarinah said Malaysia had an attractive Islamic equity value proposition with 85% of companies listed on Bursa Malaysia accounting for 65.6% of total market capitalisation being syariah-compliant
Datuk Zarinah Anwar (left) being accompanied by REDmoney managing director and publisher Andrew Morgan after delivered her keynote address.
“Some companies going for initial public offerings are voluntarily seeking to have their syariah-compliant status determined by the Malaysian Syariah Advisory Council,” she added. The council, established in 1996 by the SC, is the sole authority for the issuance of rulings and guidelines on the Islamic capital market.
Zarinah said the Malaysian sukuk market had experienced unprecedented growth with the country firmly established as one of the largest issuers of sukuk over the years.
“In the first six months, 22 sukuk issues valued at RM17.7bil were approved, accounting for 31% of total bonds approved during the period,” she said.
On another note, Zarinah said the SC had frozen the accounts of SwissCash, a website operating an illegal investment scheme.
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