EVENTS - IFSB - Malaysia Leverages its Islamic Finance Experience to Promote Global Financial Linkages at Country Showcase during 9th Annual IFSB Summit in Istanbul

www.ifsb.org -Malaysia Leverages its Islamic Finance Experience to Promote Global Financial Linkages at Country Showcase during 9th Annual IFSB Summit in Istanbul

Kuala Lumpur, 10 May 2012 – Malaysia will showcase its vast experience in Islamic banking and finance with a Country Showcase event preceding the 9th Annual Summit of the Islamic Financial Services Board (IFSB) which is scheduled to be held on 16 - 17 May 2012 at the Swissotel, The Bosphorus in Istanbul, hosted for the first time by the Central Bank of the Republic of Turkey. (source)

EVENTS - MIFC Newsletter - MIFC Business Seminar on Islamic finance in Istanbul

Tun Dr. Mahathir Projects Sustainable Future for Islamic Finance at MIFC Business Seminar on Islamic Finance in Istanbul

Tun Dr. Mahathir Mohamad, former Malaysian Prime Minister, has urged countries to resort more to using Islamic finance in the aftermath of the global financial crisis and stressed that the industry is here to stay and definitely has a future in the global financial system. Tun Dr. Mahathir was giving a Special Address on the theme "The Future of Islamic Finance - Creating Global Linkages and Connectivity to the Growth Real Economy to Promote Financial Stability, Economic Growth, Employment and Prosperity" at the opening session of the Business Seminar on Islamic Finance which was organised by Bank Negara Malaysia in support of the Malaysia International Islamic Financial Centre (MIFC) initiative from 28 to 29 September 2011 in Istanbul, Turkey. The Seminar was attended by H.E. Saipul Anuar Bin Abd Muin, Malaysian Ambassador to Turkey; Bank Negara Malaysia (BNM) Deputy Governor Muhammad bin Ibrahim; Dr Mustafa Ibrahim Turhan, and Dr Turalay Kenc, Deputy Governors of the Central Bank of Turkey; Yasar Yakis, former Foreign Minister of Turkey; senior representatives from the Securities Commission Malaysia, Labuan FSA and Bursa Malaysia; and of the Turkish Treasury, the Banking Regulation and Supervision Board of Turkey, Capital Markets Board of Turkey and the Istanbul Stock Exchange. Other participants included MIFC Community members and Turkish participation banks, corporates and academia. (source and full story)

TRADE FINANCE - Sukuk market will bounce back over the next two years

ELAF Bank is a wholesale Islamic bank incorporated in Bahrain in 2007. Its shareholders include Aref Investment Group of Kuwait; Kuwait Investment Company (KIC); Sukuk Holding Company; Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank; and Qatar Islamic Bank.

It started with the original objective of developing a secondary market in sukuk and to be a market maker. In fact its original name was the cumbersome Sukuk Exchange Central Bank. But the oncoming global financial crisis forced the bank to retreat into more vanilla investment banking to generate enough income to cover its expenses and to prepare for the recovery in the market in 2010-2011.

SUKUK - IDB to list US$3.5bil sukuk bonds in KL and London

KUALA LUMPUR: The Islamic Development Bank (IDB) will dual list US$3.5bil of its sukuk bonds in Kuala Lumpur and London by the year-end.

Of this amount, US$1.1bil has already been issued to investors. About US$1bil will be issued by year end, in tranches of five, seven and 10 years.

Finance vice president Dr Abdul Aziz Al-Hinai said one of IDB’s responsibilities was to help members of the Organisation of Islamic Conference grow and develop. It typically finances some US$5bil to US$7bil worth of projects and deals in a year. Infrastructure projects typically take up US$3bil to US$3.5bil.

Meanwhile, IDB listed its RM1bil sukuk medium-term note (MTN) programme on Bursa Malaysia yesterday. Issued via IDB’s special purpose vehicle, Tadamun Ser mifc, vices Bhd, it is the inaugural sukuk by IDB to be issued in the local currency.

LAW - Malaysia sets up committee to enhance its legal framework as ‘The Laws of Choice’ for Islamic finance transactions

IN a move to position and strengthen its existing legal framework as ‘the Laws of Choice’ for Islamic financial transactions, Bank Negara Malaysia, the central bank, last week established a Law Harmonization Committee (LHC) comprising members from among key government stakeholders, including the Attorney General's Chambers as well as industry players and experienced Islamic finance legal practitioners.