العدد الحالي: ايلول/ سبتمبر 2018       اختر عدد :
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كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

 

Welcome to the 36th edition of the Global Islamic Economics Magazine (GIEM).  The GIEM continues to keep you updated of the current news and development of the Islamic economics and financial industry worldwide. In addition, the GIEM is the venue of CIBAFI to update the members and other stakeholders of CIBAFI’s activities and initiatives.

 

In this issue, it is a pleasure to inform you about the recent launch of a report under the series of Islamic Finance Country Reports (IFCR). CIBAFI has issued several Islamic Finance Country Reports in the past on Tunisia, Turkey, Morocco, and Oman, based on the partnership agreement between CIBAFI with the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank and Thomson Reuters. This year, the collaboration, in partnership with CIMB Islamic, launched the “Malaysia Islamic Finance Country Report 2015: Mainstreaming Islamic Finance within Global Financial Systems”. The report is an attempt to understand the underlying mechanism of Islamic finance development in Malaysia across various sectors, including banking, capital market, and Takaful.

 

The report narrates the dynamic process of Islamic finance development of Malaysia in several key milestones, through analyzing Malaysia’s Islamic finance proposition as a potential global marketplace for Islamic finance and a best practice model. The comprehensive analysis along this line points out the accommodative Islamic finance environment and financial sector ecosystem, including a thorough discussion in the area of key initiatives in regulations, market infrastructure, competitive landscape of the industry, the variety of innovation, etc. The key insights also present growth projections for Islamic banking and Takaful, the impact of the IFSA 2013 on Malaysia’s Islamic banking and Takaful sector, Sukuk market 2014 milestones and analysis of early 2015 movements, Malaysia’s initiatives to develop Islamic funds domestically and regionally, etc. Generally, the report determines the dimensions of Malaysian model of Islamic finance for those interested to replicate the experience of the country. Malaysia adopted a unique approach of developing Islamic financial industry engaging the private sector and policy makers.

 

The report also provides a thorough assessment of Malaysia’s existing and prospective initiatives for the development of their economy, considering its overarching ambition to become a high-income nation by 2020. In particular, the discussion emphasizes on how Malaysia moves towards implementing an Islamic economics paradigm, aligned with Malaysia’s orientation for transformation into value-added economy. In view of that, the development of Islamic finance industry plays a substantial role in ensuring that the mechanism is able to satisfy its value proposition in order to achieve sustainable economic and social development.

 

Another significant contribution of the report is the analysis of supply and demand for Islamic finance. Particularly, the Exclusive Retail Consumer Banking & Insurance Survey, supported by perspectives and insights from key players in the industry including key regulators and practitioners. The results of these interviews and surveys have revealed strategic insights with respect to the Malaysia’s Islamic finance industry, which demonstrate possible opportunities and challenges, as well as future trends, for various local and foreign stakeholders of the industry.

 

The report attempts to address and shed light on  the most emerging issues faced by Malaysia’s Islamic finance industry such as (i) how it continue to improve to serve the diverse needs of businesses and investors as the economy moves towards becoming a high income nation by 2020, (ii) can it appeal to households beyond the captive Shariah-sensitive market?, (iii) how can it provide a larger portion of society access to the nations’ increasing wealth?, and (iv) will it continue to making the country an international market place for Islamic finance?

 

In line with the CIBAFI’s Strategic Objectives, the Council is active in promoting global Islamic finance industry development through research and publication. The Islamic Finance Country Reports series will continue, other reports are being prepared and will be announced in due time. Stay tuned.