Breadcrumb

Asset Publisher

null EPICENTRE September 2023: Fostering Shariah connectivity via Centralised Shariah Advisory Authorities (CSAA)

Newsletter

EPICENTRE September 2023: Fostering Shariah connectivity via Centralised Shariah Advisory Authorities (CSAA)
Fostering Shariah connectivity via Centralised Shariah Advisory Authorities (CSAA)
 
On 6 September 2023, Bank Negara Malaysia (BNM) and Participation Banks Association of Turkiye (TKBB) jointly-hosted the 5th Centralised Shariah Advisory Authorities (CSAA) in Istanbul, Turkiye - an effort to continue fostering international connectivity among CSAA participating countries. The meeting that gathered more than 50 delegates from central Shariah advisory authorities from 15 countries discussed on key developments in Shariah governance and present rulings (fatwa) on emerging issues i.e. digital currency, importance of sustainability consideration and important role of the CSAA in navigating takaful model and regulatory compliance.

Download the infographic below for more information on the CSAA Meeting.

In the recent months, we are also witnessing more intensified efforts by various stakeholders in optimising the Islamic social finance tools with further integration to Islamic finance. This includes the expansion of iTEKAD and exploring on introducing an Islamic social exchange for Islamic capital market (ICM) in Malaysia.
 
The third quarter of 2023 saw more countries embracing Islamic finance - Russia’s legislation has officially endorsed the existence of Islamic financial institutions and Uganda has issued its first Islamic banking licence.
 
The MIFC Team
Download Infographic
CSAA

5th CSAA Meeting outcome
The CSAA meeting gathered more than 50 delegates from 15 participating countries and observers from Islamic standard-setting and international organisations. The meeting discussed on:
1. Key developments in Shariah rulings and emerging issues i.e. digital currencies;
2. Importance of sustainability consideration in Shariah decision-making framework; and 
3. Significant role of the Central Shariah Authorities in navigating takaful model and regulatory compliance.
Read More

Cover Story: CSAA - Leveraging on Shariah Diversity for a Common Goal
Read the interview with Professor Dr Ashraf Md Hashim, the chairman of BNM’s Shariah Advisory Council, to understand on the efforts as an industry in the pursuit for Shariah harmonisation and what is expected from the CSAAs.
Read More
Regulators' roles and strategies for Islamic finance

BNM: Islamic finance needs to unlock innovations for economic, sustainability transformation
The Islamic financial sector needs to unlock impactful innovations for economic and sustainability transformation as well as double down on value-based finance to deliver more tangible impact.
[G photo with quote]
Read More

BNM: Takaful industry set to benefit from national economic plans
Via the national economic plans, the industry players could build stronger business connectivity by tapping wider business prospects to unlock the potential of the value-based intermediation takaful (VBIT) framework and roadmap.
Read More

BNM, SC beefing up Islamic banking, finance through MIFC
Bank Negara Malaysia (BNM) and the Securities Commission (SC) have been taking steps to ensure the sustainability and effectiveness of the Islamic finance system by raising the standards to not only halal, but also 'halalan thoyyiban' via the Malaysia International Islamic Financial Centre (MIFC) through collaborations with the industry and the Islamic finance ecosystem.
Read More

BNM, SESRIC and partners organised a Workshop on ‘Promoting Islamic Social Finance and Accelerating the Growth of Halal Value Chain Ecosystem’
Bank Negara Malaysia, in collaboration with SESRIC, Bank Indonesia, Saudi Central Bank and the Central Bank of the Republic of Türkiye, organised a Workshop on “Promoting Islamic Social Finance and Accelerating the Growth of Halal Value Chain Ecosystem” in Kuala Lumpur. The Workshop is co-organised with INCEIF and is funded by the COMCEC Project Funding.
Read More

Labuan IBFC: upward trajectory after slow start
Labuan IBFC aims to develop a niche in the areas of among others, Islamic finance/sustainability, as encapsulated in its five-year strategic roadmap that runs from 2022 to 2026.
Read More
Optimising Islamic social finance

PM announced additional RM6 million for iTEKAD
Prime Minister, Datuk Seri Anwar Ibrahim announced an additional RM6 million for the iTEKAD programme, an increase from the RM4 million initial budget announced in May 2023. Anwar also called for more banks to support iTEKAD, which provides essential financing access, to low-income micro-entrepreneurs in their pursuit of starting businesses.
Read More

Introduction of Islamic social exchange way forward for ICM in Malaysia
The way forward for the Islamic capital market (ICM) in Malaysia is to consider introducing an Islamic social exchange in the near future to strengthen environmental, social and governance (ESG) programmes, especially to support the poor and the needy.
Read More
Growing interest in IF

Russia is set to launch Islamic banking
Russia is launching Islamic banking for the first time as part of a two-year pilot programme on September 1. Islamic financial institutions have existed in Russia, but this is the first time the country’s legislation has officially endorsed its launch.
Read More

Uganda issued first Islamic banking licence
Uganda’s central bank has issued its first Islamic banking licence since the country passed legislation to accommodate syariah-compliant finance activities in June.
Read More

Hong Kong diversifying to become more conducive to Islamic finance
Uganda’s central bank has issued its first Islamic banking licence since the country passed legislation to accommodate syariah-compliant finance activities in June.
Read More
Islamic Finance Dashboard
www.mifc.com
@MalaysiaIF
Email MIFC
Malaysia World's Islamic Finance Marketplace
Copyright © 2022 Bank Negara Malaysia. All rights reserved.
Please log on to www.mifc.com for more information. 
 
DISCLAIMER: The copyright and any other rights in the selection, coordination, arrangement and enhancement of the information in this electronic newsletter are owned by Bank Negara Malaysia. No part of this electronic newsletter may be modified, reproduced or published without prior permission in writing from Bank Negara Malaysia and the relevant copyright owner. Although every effort has been made to ensure the timeliness, accuracy, adequacy and completeness of this electronic newsletter, Bank Negara Malaysia accepts no responsibility or liability for errors or omissions, if any. The information contained in this electronic newsletter is only up-to-date at the time of transmission, and is not exhaustive and may be updated from time to time on the website: www.mifc.com. Bank Negara Malaysia shall not be liable for loss or damage caused by viruses transmitted by this electronic newsletter. Bank Negara Malaysia is not responsible for any unauthorised changes made to the information in this electronic newsletter or for the effect of such changes. Bank Negara Malaysia appreciates any feedback or suggestions for improvement.