Islamic Finance To Flourish With Bank Negara's Help.
Bank Negara Malaysia (BNM) will soon be adding murabahah-based transactions to its already diverse range of policy instruments to manage short-term liquidity in the Malaysian Islamic inter-bank money market.
The BNM's murabahah transaction may either utilise global or Malaysian commodities as the underlying transaction, BNM Governor Tan Sri Dr Zeti Akhtar Aziz said.
In the future, she said other syariah approved assets similar to the Ijarah sukuk notes.
The widespread usage of this globally practised financing instrument would allow market participation by a more extensive investor base, including those from West Asia.
Product innovation must be a continuous and deliberate part of the process of market development.
"We are firmly committed to developing the capabilities in Islamic finance and strengthening the global pool of talent and expertise in Islamic finance," she said.
Towards that effort, BNM established the International Centre for Education in Islamic Finance, she added.
**** This is a potentially hugely profitable area and Malaysia would do well to carve a niche for itself. Islamic banking is going to go places and the faster we accept that and take advantage of the opportunities the better. Bank Negara should be commended for their pro-active attitude and the Governor congratulated for her savvy.
The BNM's murabahah transaction may either utilise global or Malaysian commodities as the underlying transaction, BNM Governor Tan Sri Dr Zeti Akhtar Aziz said.
In the future, she said other syariah approved assets similar to the Ijarah sukuk notes.
The widespread usage of this globally practised financing instrument would allow market participation by a more extensive investor base, including those from West Asia.
Product innovation must be a continuous and deliberate part of the process of market development.
"We are firmly committed to developing the capabilities in Islamic finance and strengthening the global pool of talent and expertise in Islamic finance," she said.
Towards that effort, BNM established the International Centre for Education in Islamic Finance, she added.
**** This is a potentially hugely profitable area and Malaysia would do well to carve a niche for itself. Islamic banking is going to go places and the faster we accept that and take advantage of the opportunities the better. Bank Negara should be commended for their pro-active attitude and the Governor congratulated for her savvy.
posted by The Malaysian. at 8/14/2006 12:59:00 PM
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