Malaysia Remains Forerunner In Global Sukuk

KUALA LUMPUR, Sept 24 (Bernama) -- Malaysia remains a forerunner in global sukuk with the global outstanding sukuk amounting to over US$148 billion (RM474 billion) as at June 2013, which represents 60.4 per cent of the total global sukuk.

Deputy Prime Minister Tan Sri Muhyiddin Yassin (pix) said the number reflected Malaysia's rapid growth in sukuk compared with its number of only US$1.5 billion (RM5 billion) of global sukuk in 2001.

"Being a conducive environment for sukuk transactions, I certainly believe that Malaysia has what it takes to attract more institutions from all regions of the global aiming to tap Malaysia's Islamic finance marketplace and the pool of liquidity," he said at the opening of the 10th Kuala Lumpur Islamic Finance Forum (KLIFF 2013) in the capital, Tuesday.

He said credit must be given to Bank Negara Malaysia, the Securities Commission Malaysia, Shariah scholars and the Islamic financial industry community for their efforts to bring Malaysia's Islamic finance marketplace to the current level of sophistication.

He said this was in line with the vision for a comprehensive and progressive Islamic finance marketplace, which has grown from strength to strength for over 30 years.

Muhyiddin said as Malaysia continued to grow its Islamic finance industry, there was a need to revisit and review any particular areas of divergence in order to come up with a better and more acceptable solution.

"Integrity, credibility and competency are the key success factors in developing the Shariah framework and governance. Albeit divergences of Shariah rulings, there should not be a major issue so long as they are backed by sound arguments and recognised legal methodologies," he said.

Muhyiddin, who is also Education Minister, also pointed out that shortage of qualified experts in Islamic finance was the constraining factor for the innovation of new products and services in most countries.

"Therefore, investment in developing the key resources of the industry must be further enhanced. Heightened market awareness of the huge potential that Islamic finance offers is also urgently needed, and this can be done through research, education and training," he said.

INCIEF, which produces high-calibre practitioners and professionals in Islamic finance as well as specialists and researchers in the disciplines of Islamic finance, has so far enrolled 2,224 students from 83 countries as at July 2013, he said.

Muhyiddin reminded Islamic banks to not be complacent and continuously strive to be the best banking system in order to attract the public, Muslims and non-Muslims alike.

"To remain relevant, Islamic banking must be robust and resilient and should continuously reposition itself if it desires the respect and recognition from the rest of the world," said the deputy minister.

KLIFF 2013, which is a two-day conference, saw about 400 delegates comprising industry players, policy makers as well as academics.

(National News Agency Of Malaysia / 24 Sept 2013)

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Malaysia: Waqf Is Missing Piece In Islamic Financial System, Says CIMB Islamic

KUALA LUMPUR, Sept 24 (Bernama) -- Waqf (Wakaf) is the missing piece in Malaysia's Islamic financial system despite the country being the market leader with various sophisticated products and services.

CIMB Islamic Bank Chief Executive Officer Badlisyah Abd Ghani said: "Malaysia has from the simplest saving products to sukuk as well as many different sophisticated products for institutional investors, corporate clients, small medium entrepreneurs and individuals.

"(But) what is missing in the market today is waqf in a commercial manner," he told reporters on the sidelines of the 10th Kuala Lumpur Islamic Finance Forum (KLIFF 2013) here today.

Waqf is an Islamic endowment of property to be held in trust for religious or charitable purposes.

Badlisyah said to have waqf in the financial market, there is a need for a conducive legal framework that will allow for its incorporation in an effective manner.

"If we have it, over time, waqf could be the bigger component of the Islamic financial market, as what was in the golden era of Islamic civilisation in the past," he added.

Badlisyah said in order to have that legal framework, there is a need for dialogues between the federal and state governments as the laws concerning waqf are currently under the jurisdiction of the state Islamic religious councils.

In his opening speech, he said the current legal framework for waqf does not allow for the proliferation of waqf across all areas of economy.

In the afternoon session, Badlisyah called on the government to provide incentives in the upcoming Budget 2014 to encourage industry players to list sukuk on Bursa Malaysia, a move which would further enhance the sukuk market.

"Of course, this need to be reviewed and studied by Bursa Malaysia and Securities Commission in terms of its viability but at the end of the day, it does create a good communication to the rest of the world that the market in Malaysia is significant because it is in the public domain," he said.

Badlisyah said, for example, on the London Stock Exchange, they have a few billion dollars worth of sukuk listed on the exchange and as a result, they claimed they are one of the largest sukuk markets in the world, despite some of these sukuk were issued outside London.

"It is the same in Malaysia. We already have the largest number of sukuk in the world, but it is just not listed and not in the public domain," he said.

With the listing of sukuk, overtime, it would encourage more trading of sukuk by individuals and the price discovery is also better as it is publicly available, resulting in a more vibrant sukuk market.

(National News Agency Of Malaysia / 24 Sept 2013)

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Malaysia wants Islamic finance industry to ‘look West’

PETALING JAYA: With the backing of Maybank Islamic Bhd, the World Islamic Economic Foundation (WIEF) is working together with the Greater London Authority to boost trade and investment between Malaysia, the Association of South-East Asian Nations (Asean) and the UK.

The idea is based on the consensus of using Islamic finance as the platform for the transactions that will involve Malaysian investors and businesses in their efforts to diversify their portfolios into the UK, particularly in London, Maybank Islamic chief executive officer Muzaffar Hisham said last week in Kuala Lumpur.

“There is an increasing interest by Malaysian investors in diversifying their investment portfolios into the UK and particularly London. Maybank Islamic is well placed to encourage such opportunities”, Muzaffar said.

Muzaffar emphasised on the strategic importance of Islamic Finance for London as an opportunity to tap into a new source of capital, assets and liquidity in Islamic markets for London’s future growth and global ambitions.

Muzaffar has not only encouraged sovereigns but also UK corporate firms that are wishing to issue funds to consider Shariah-compliant instruments as they expand to new frontiers, especially in the Gulf Cooperation Council (GCC) and Asean/Malaysia.

“The deal will most probably be announced during the 9th WIEF in London in October,” Muzaffar told reporters after the soft launch of its new retail mortgage product at the WIEF headquarter in Kuala Lumpur.

Maybank Islamic has recently secured pound sterling cross border financing, making it the first Malaysian bank to have such financing instruments in London, Bernama reported.

Also present during the event were deputy mayor of London Sir Edward Lister and WIEF managing director Syed Abu Bakar Almohdzar, who both reiterated the importance of boosting trade, investments and business between Malaysia, Asean and London through Islamic Finance.

“Developing trade and investment links with Malaysia is a key priority for London and Maybank’s initiative significantly broadens the range of Shariah-compliant investment opportunities. Hosting the world,” Lister said.

The WIEF will showcase London’s role as the leading Western hub for Islamic Finance and lay the foundation for strengthening our bond with the Islamic world, Lister added.

London has taken proactive measures to grow Islamic Finance in an attempt to attract more investment from the Middle East and other Muslim countries in the Asean region, believing these are essential to further boost London’s standing as an important centre for the industry.

There is a growing appetite for Shariah-compliant investments in London as it grows in Malaysia and Asean, the Maybank Islamic feels that it is well placed to bridge prospective clients in facilitating their aspirations.

In addition, Maybank Islamic is also actively expanding its foreign currency business in the retail banking space.

The bank is in the final stage of launching an Islamic foreign currency property financing product for London properties due to be launched in fourthquarter of 2013.

On the other hand, Syed Abu Bakar said Malaysia will continue to play a leading role in Islamic finance, through the WIEF, with London as a new global centerpoint.

“As Malaysia continues to play a leading role in Islamic finance, the World Islamic Economic Forum continues to be a strong advocate of Islamic Finance in Muslim and non-Muslim communities around the world,” Syed Abu Bakar said.

(F.M.T News / 23 Sept 2013)

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Telekom Malaysia’s (TM) proposed RM3bil Sukuk gets favourable RAM ratings

KUALA LUMPUR: RAM Ratings has given the AAA/Stable/P1 ratings to Telekom Malaysia’s (TM) proposed Sukuk Wakalah Programmes with a nominal value of up to RM3bil.

According to RAM, a plus factor in its assessment was the high likelihood of “extraordinary government support” for TM, given the Malaysian Government’s 68.6% share in the group, ownership of a special rights redeemable preference share and 33% representation on the board.

It said TM’s ratings were also anchored by its dominant position in the domestic fixed-line telephony sector, as well as its strong position in the fixed-broadband market with 89% of subscriber base.

“The group’s ratings are also supported by its healthy financial profile, which is characterised by stable earnings, a steady cash flow-generating ability and moderate balance sheet.

TM’s proposed Sukuk will comprise the Islamic Commercial Papers Programme (commencing in 2013 and maturing in 2020) and the Islamic Medium-Term Notes Programme (2013/2033).

(The Star Online / 06 Sept 2013)

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Strong Malaysian capital market seen, SC says Malaysia has good fund-raising track record

KUALA LUMPUR: The local capital market is expected to be “reasonably strong” based on the pipeline of capital raising, Securities Commission (SC) chairman Datuk Ranjit Ajit Singh said.

“We are not targeting any specific number but we have said (based on projections) that the capital raising figures for the local (market) are reasonable. However, it would depend on how the market condition would pan out for the rest of the year,” he told reporters after delivering a public lecture on Islamic Wealth Management co-organised by BNP Paribas Malaysia Bhd and the International Centre for Education in Islamic Finance.

He said Malaysia had a fairly successful fund-raising track record for the last few years. Notably, RM146bil was raised from the Malaysian market last year, of which RM124bil was through the bonds market and RM22bil through the equities market.

Ranjit also said the regulator was targetting to position the country as an Islamic wealth management centre, following Malaysia’s success in other areas of Islamic financial services such as Islamic banking, sukuk and takaful.

“Malaysia has a large pool of savings worth some RM1 trillion. The challenge we have is to ensure that some of these pools of savings are intermediated through the capital markets, so that you create scales in terms of those intermediaries to address Malaysians’ needs, and then to position yourself outside,” he said.

One of the strategies was for foreign asset management units to enter the country, he said, adding that the regulator had issued 19 licences to Islamic fund management firms to-date.

He pointed out that such companies got to enjoy tax incentives.

According to Ranjit, of the US$25 trillion (RM82 trillion) worth of mutual funds in the world, the demand for Islamic funds was only US$60bil to US$70bil (RM197bil to RM230bil), which showed that there was still lack of demand for the product, prompting him to urge fund managers to participate in Islamic fund management to create more awareness.

Notably, Malaysia was home to the world’s largest unit trust industry, with 169 Syariah-compliant funds, he said.

Assets under management (AUM) for Islamic funds stood at approximately RM80bil last year, up RM32bil or 66.7% from RM48bil in 2010, he added.

He also said the RM80bil represented about 16% of the total funds industry.

“By 2020, the SC has projected the Islamic fund management industry’s AUM to expand to RM322bil,” he said.

(The Star Online / 05 Sept 2013)

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Bank of Tokyo-Mitsubishi UFJ (M) Bhd (BTMU) to promote Islamic finance products

KUALA LUMPUR (July 16, 2013): Bank of Tokyo-Mitsubishi UFJ (M) Bhd (BTMU) aims to become the global hub for Islamic finance within its global operation upon the launch of four new Islamic financing products today.

BTMU is the first Japanese bank to offer Islamic financial products and services under its international currency business unit and the first Japanese bank to have an in-house syariah committee comprising prominent Malaysian scholars.

Its president and CEO Masato Nakamura said the unit has been focusing on Islamic banking businesses in currencies other than the ringgit and has steadily gained recognition from the industry.

"Our commitment is well-supported by the expanding team of experienced professionals in Islamic finance.

"The development is being guided by the establishment of our own syariah committee that has the capability to endorse syariah-compliant transactions in our various business line," he told reporters after the launch of the products here today.

Bank Negara Malaysia director of Islamic banking and takaful department, Wan Mohd Nazri Wan Osman, launched the products -- Istisna' Financing-i, Ijarah Financing-i, Standby Letter of Credit-i and Bank Guarantee-i.

Nakamura said BTMU Malaysia hoped to effectively contribute to the enhancement of financial cooperation and encourage the Islamic finance by Japanese enterprises in the region.

(The Sun Daily / 16 July 2013)

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Malaysia's Islamic Finance Overhaul Boosts Protection For Depositors

KUALA LUMPUR/DUBAI: New laws governing Malaysia's Islamic finance sector will boost protection for depositors by making religious advisers legally accountable for financial products, and liable to steep fines and prison time for wrongdoing.

The new rules also include a plan to require Islamic life insurers to separate the life arm from other parts of their business. The regulations also could spur takeovers in the Islamic insurance sector through capital-base provisions that encourage larger participants.

Malaysia's new Islamic Financial Services Act (IFSA) gives regulators greater oversight as the country seeks to retain its position as the world's second-largest Islamic Banking market, with 395 billion ringgit ($124 billion) in assets as of May.

While there have been no major problems arising from lax standards, the new law - which went into effect last week - is seen as a broad way of enforcing closer adherence to sharia laws, where Malaysia is already a global leader.

One of the most important changes is to make sharia advisers legally liable for the financial products they approve, analysts and industry experts said. The Islamic scholars are hired by banks to assure that financial products abide by Islamic sharia standards.

The rule-change would encourage advisers to conduct a closer inspection of the financial products they approve, holding them more accountable, said Mohamad Akram Laldin, executive director of the Malaysia-based International Sharia Research Academy for Islamic Finance.

"This is a step forward, everyone who is involved will know their duties and what is expected of them," he said.

Previous rules governing sharia compliance were just guidelines. The IFSA elevates them to statutory duties, a breach of which could expose licensed financial entities to punishment.

Penalties will be more severe, a Malaysia-based lawyer told Reuters, with many offences carrying a possibility of up to eight years imprisonment and 25 million ringgit ($7.86 million) in fines.

Investors' protection should also be boosted by another provision that requires banks to distinguish deposits made for savings from those made for investments. Banks will also need to guarantee the principal amount on savings deposits.

The IFSA also gives Malaysia's finance ministry more powers to further scrutinize financial holding companies and non-regulated entities if they pose a risk to financial stability.

"From my view, it is quite comprehensive. The challenge is to ensure the enforcement, and to make people understand it," Akram added.

TAKAFUL

The IFSA may also reshape the takaful (Islamic insurance) sector by requiring the separation of life and general business lines, the latter covering property and automobiles. Under the new rules, firms with composite licenses that cover both sectors will have five years to separate the two.

Malaysia had 12 direct takaful operators with a combined 19 billion ringgit in assets as of December 2012, central bank data showed. The majority of those assets - 85 percent - were in family insurance, up 13.3 percent from a year earlier.

Companies need to establish a new board and capital base for each business under the IFSA, making operations more capital-intensive. This could favour companies with large balance sheets, spurring consolidation as smaller players struggle for scale, analysts said.

The IFSA is set to affect two-thirds of companies within the takaful sector with composite licenses, with bigger players such as Etiqa Takaful Bhd, Syarikat Takaful Malaysia Bhd and Takaful Ikhlas possibly spared, according to a report by investment bank RHB.

The top three operators hold roughly 90 percent of assets, while several of the smaller firms have suffered losses or shrinking profit.

Bigger operators will be eyeing smaller ones. "If their portfolio is attractive, we could be buying up business," said Hassan Kamil, group managing director of Syarikat Takaful Malaysia, the sector's second-largest after Etiqa Takaful.

Takaful Malaysia will be able to raise funds on the capital market for new acquisitions, being the only listed company among its peers, said Kamil.

(Business News / 13 July 2013)

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Malaysia’s sukuk market to remain bullish this year

KUALA LUMPUR: Malaysia’s sukuk market is expected to remain bullish this year despite the volatility in global markets, especially in the US, says CIMB-Principal Islamic Asset Management chief executive officer, Ramlie Kamsari.

He said Malaysia’s sukuk market will see healthy growth like last year given the strong fundamentals, good infrastructure, regulatory framework as well as the syariah system.

“They (investors) see Malaysia as a good market to tap for both conventional and Muslim investors.

“In fact, the large sukuk issuances recently were due to the huge appetite from conventional investors,” he told reporters after a media briefing on the ‘Global Fixed Income Market and its Potential Effects on Sukuk’ here yesterday.

Ramlie said the local sukuk market was likely to continue to see good interest for the Gulf Cooperation Council issuances, particularly the United Arab Emirates’.

There could also be new issuances from the frontier markets, or the non-traditional ones, including from Europe, he said.

He expected Malaysia to continue to be the world’s largest sukuk market with 69 per cent market share.

Meanwhile, chief investment officer, Michael Zorich, said the global sukuk market moved at a moderate pace as investors were cautious due to the volatility in the fixed income market in the US.

He, however, said the market will catch up towards the year-end and be equalled last year’s RM46.5 billion in value.

“The anticipation of an increase in the US rate will push them (issuers) to wait for the price to be stabilised.

“But, if they don’t issue now, the rates may continue to go up and it can get more expensive to issue the sukuk and bond as well.

So they need to balance their decision,” he said.

Currently, the benchmark 10-year US Treasury rate stood at 2.4 per cent, rising from 1.6 per cent in the early May, and is expected to climb up to 2.5 per cent by year-end.

Ramlie said the volatility in the US fixed income market will not significantly affect the sukuk market as the Islamic bond has its own asset class.

“When investors seek diversification play, they will look at sukuk as another asset class. So, there will be continued demand for investment into sukuk,” he said.

(Borneo Post Online / 22 June 2013)

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Malaysia: New legal set-up to pave way for syariah framework

KUALA LUMPUR: The new legal framework for Islamic banking and takaful, that will come into force this year, will pave the way for the development of an end-to-end Syariah-compliant regulatory framework for the conduct of Islamic financial operations, said Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz.

The new framework would provide clarity on the fundamental requirements of Syariah that must be adhered to for the contractual arrangements between the financial institution and the customer to remain enforceable, she said.“The framework also outlines the operational requirements for the effective application of Syariah principles in the conduct of Islamic financial institutions.“This aims to strengthen the risk management practices beyond the traditional credit, market and liquidity risks to also include inventory risk, ownership risk and Syariah compliance risk,” Zeti said at the opening of the Brunei Darussalam Islamic Investment Summit 2013.

The text of her speech titled, “Tapping and Expanding the Global Investment Opportunity in Asia’s Market”, was made available here today.

She said the legislation also provided for the resolution of Islamic financial institutions to be in line with distinctive elements of the relevant Islamic contracts, thus improving the legal and procedural aspects for the orderly resolution of Islamic financial institutions.

On the Islamic finance development, Zeti said the new wave of internationalisation for Islamic finance required increased collaboration across jurisdictions. — Bernama

to strengthen the international financial infrastructure of Islamic finance.“This is to ensure that the greater internationalisation of Islamic finance takes place in an environment of financial stability,” she added.

At the national level, Zeti said the first priority relates to trend for the domestic Islamic financial system to become more integrated, allowing for risks to be rapidly transmittal, across the financial system.“This requires the development of enhanced regulatory, supervisory and legal frameworks that are also adaptive and effective to the innovative dynamics and unique mix of risks in Islamic finance,” she said.

Zeti said the increased cross-border reach of Islamic finance has also underscored the importance of enhanced cross-border collaboration among the supervisory authorities.“Information-sharing and effective coordination among supervisors will enable a complete understanding of the entire risk spectrum of the risk taking activities undertaken across jurisdictions by the Islamic financial institutions,” she added.

Another key area is the evolution of the legal framework for Islamic finance to provide greater certainty and to build public confidence in the system as a whole, said Zeti.“This necessitates a legal framework that enforces end-to-end Syariah compliance in the Islamic financial services industry - through provisions and mechanisms that unambiguously define the conduct and governance of Islamic financial institutions,” she added.

Zeti also said with greater liberalisation, Islamic finance was increasingly supporting regional and international trade and investment flows, intermediating significant cross-border financial flows.“With its internationalisation, Islamic finance has become an increasingly more important channel for the efficient allocation of Asia’s surplus funds towards productive investments in the region,” she added.

Zeti also said efforts to strengthen the foundations for Islamic finance to ensure its continued resilience, amid the more challenging environment, must remain a priority going forward into the future.“Indeed, our commitment to act guided by this foresight will strengthen the prospect for Islamic finance to realise its potential in the region and beyond,” the governor added. 

(The Star Online / 21 June 2013)

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Gatehouse Bank eyeing universal banking licence in Malaysia

KUALA LUMPUR (May 29, 2013): London-based Kuwaiti-owned Gatehouse Bank Plc, a syariah-compliant investment bank, is looking to secure principal banking licences in Malaysia after opening a representative office here yesterday, said its senior executive.

The bank is exploring licences in universal banking, investment banking and wealth management.

Its chief representative in Malaysia, Richard Thomas, said the bank will work closely with the local regulators to see what would be the most appropriate licence(s) for the bank here.

"The representative office is very much a first step and it's our intention to develop the bank here," he told reporters at the opening ceremony yesterday, adding that the bank aims to expand its operations here over the next two years.

He said the bank also intends to use its Malaysian office as springboard into other Asian markets such as Singapore and Brunei.

On its targets for the Malaysian market this year, Thomas said it is in the midst of building its key performance indicators.

"Our core strength is in real estate but we are also looking at the sukuk market and Malaysia is of course the largest global sukuk market.

"Cross border reach between London and Kuala Lumpur for developing capital markets is also important for us and wealth management services as well," he added.

He noted that Gatehouse Bank has been approached by two or three parties, but the bank has yet to profile their risk appetites.

He said the Malaysian office would also help global investors understand the Asian market better, especially its global clients who are interested in investing here.

Meanwhile, Gatehouse Bank chairman and interim CEO Fahed Boodai said Malaysia will be a hub for the bank to diversify its client base that are mostly from the Gulf region.

"Our international clients are looking for investment opportunities that promote wealth preservation in mature and stable markets, and responding to their needs on an on going basis remains a core priority for the bank.

"Expanding our global footprint so that the bank can act as a gateway between the Islamic finance markets in Europe, the Gulf Cooperation Council and now Asia is fundamental to achieving this objective and establishing a new base in Malaysia is not only an exciting development for the bank but one that will help to deliver significant longer term value on behalf of our clients," he added.

Fahed also said there is a strong trend among Malaysian investors actively buying in the UK including both institutional and private investors.

The bank expects to make two billion pounds worth of real estate acquisitions in the US and UK markets this year.

Gatehouse Bank specialises in originating, structuring and funding investments in a syariah-compliant manner driven by a real estate strategy. Since its inception in 2008, the bank has established a global portfolio worth in excess of US$1.5 billion spread across real estate assets, capital investments and term deposits.

(The Sun Daily Mail / 29 May 2013)

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