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Global nominations call for the Royal Award for Islamic Finance

Ref No : 08 Jan 2018 Embargo : For immediate release    

The Royal Award for Islamic Finance announced a global search to honour an exceptional individual in the field of Islamic finance, with the opening of nominations for the fifth recipient of the Royal Award.

The Royal Award, inaugurated in 2010 as a biennial award, is an initiative spearheaded by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) to recognise Islamic finance leaders and visionaries who contribute significantly to the growth of Islamic finance globally and social progress of communities around the world.

An independent seven-member international jury, chaired by Chairman of the World Islamic Economic Forum Foundation, Tun Musa Hitam, will select a deserving individual to be conferred as the next Royal Award recipient. The selection criteria for the Royal Award for Islamic Finance encompass both qualitative and quantitative aspects of an individual’s exceptional contribution towards Islamic finance globally. These include financial innovation and pioneering work, exceptional leadership, adoption and acknowledgement within the industry, and inspiration and influence towards future progress and development of Islamic finance.

The Award recipient serves as a role model to inspire others to contribute to the advancement of the Islamic financial services industry. The most recent recipient of the Royal Award for Islamic Finance in 2016 was Professor Datuk Dr Rifaat Ahmed Abdel Karim, who was instrumental in the establishment of two international standard setting bodies – the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB).

The closing date for nominations is 31 March 2018, and interested persons/parties can submit their nominations online via the website http://www.theroyalaward.com or email their submissions to RAIFSecretariat@seccom.com.my

BANK NEGARA MALAYSIA & SECURITIES COMMISSION MALAYSIA

NOTE TO THE EDITOR

About Malaysia's Islamic Finance Marketplace

Since its introduction more than 30 years ago, Islamic finance in Malaysia has developed into a comprehensive and sophisticated Islamic finance marketplace. The marketplace is characterised by a robust regulatory, supervisory, Shariah and legal framework, a deep primary market and active secondary sukuk market, diverse players and talent base with global capabilities and connectivity for business deals anywhere in the world, product innovation, breadth and depth and an efficient system for multi-currency clearing and settlement. Malaysia's Islamic finance marketplace is open to global industry players and market participants to collaborate with and mutually benefit from a highly conducive business environment of innovation, expertise and deal flow.

Our marketplace is a comprehensive Islamic finance ecosystem and business environment of infrastructure, innovation, expertise and deal flow, served by the Malaysia International Islamic Financial Centre (MIFC) Community, comprising the financial institutions, professional firms, regulators and government agencies.

For more information on Malaysia's Islamic finance marketplace, please visit www.mifc.com, follow us @MalaysiaIF and download MYIF app at Apple Store and Google Play.

 

About Bank Negara Malaysia

Bank Negara Malaysia (BNM) was established in 1959, under the Central Bank of Malaysia Act 1958 (Revised in 2009). The central bank is principally entrusted to uphold monetary and financial stability and maintain oversight over the payments system in the country.

Over the years, BNM has significantly contributed to the development of a comprehensive, efficient and resilient financial sector that has been able to meet the increasingly sophisticated needs of consumers and businesses. Malaysia’s financial sector now distinctively encompasses both the conventional and Islamic financial services.

Focusing in Islamic finance where Malaysia has a comparative advantage, BNM has taken the lead in promoting Malaysia as an International Islamic Financial Centre. Within this initiative, BNM approves licences for the establishment of International Islamic Banks and International Takaful Operators as well as focusing on institutional building, including the establishment of the International Centre for Education in Islamic Finance (INCEIF) and International Shari’ah Research Academy for Islamic Finance (ISRA) in promoting training, education and research to advance the talent development for the Islamic financial services industry. Meanwhile, the BNM Shariah Advisory Council ascertains applications of Shariah principles on Islamic financial services by providers under the purview of BNM and acts as an advisor to BNM on Shariah matters on such services.

Log on to www.bnm.gov.my for more information.

 

About Securities Commission Malaysia

The Securities Commission Malaysia (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Capital Markets and Services Act 2007. More information about the SC is available on its website at www.sc.com.my. Follow the SC on twitter at @SecComMy for more updates.

 

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