BNM.GOV.MY - Bank Negara Malaysia recently held a seminar on Islamic Finance in Istanbul, Turkey, in support of the Malaysia International Islamic Financial Centre (MIFC) initiative. Tun Dr Mahathir Mohamad, former Prime Minister of Malaysia delivered his Special Keynote Address at the event. The seminar was held from 28-29 September 2011. (source)
Themed "Malaysia and Turkey: The New Silk Route in Islamic Finance - Strategies for Collaboration, Cooperation and Smart Partnerships", the seminar aimed to strengthen relationship between Malaysia and Turkey and signifies the growing internationalisation of Islamic or Participative finance. The aim is manifested by the increased presence of Islamic financial institutions in new jurisdictions, international participation in Islamic financial markets and cross border flows of Islamic finance activities.
The seminar provided a platform for the Malaysian and Turkish financial and business community to share and exchange knowledge and industry views on the current development of the Islamic financial market. Malaysia is a gateway for Turkish investors and financial institutions to expand their trade and investment opportunities in the ASEAN region. Conversely the Malaysian financial community can use Turkey as a platform to the Central Asian and Europe regions.
Key potential areas of collaboration between Malaysia and Turkey include:
Key potential areas of collaboration between Malaysia and Turkey include:
- Turkish financial and business community to use Malaysia as a platform to raise funds such as sukuk and Islamic syndication;
- Malaysia's Economic Transformation Programme (ETP) offers the Turkish business community investment opportunities;
- Malaysia and Turkey's financial community can collaborate to formulate or offer innovative solutions in Islamic finance, Islamic finance education and professional services; and
- Turkish financial institutions and relevant entities are invited to become members of Bursa Suq Al Sila', the world's first end-to-end Islamic multi-currency commodity trading platform, which facilitates liquidity management in the Islamic financial market and institutions.
The Seminar was attended by over 250 delegates, comprising senior business and financial leaders from Turkey and Malaysia, including from the Asian, European and Middle East regions.
