Raja Dr Nazrin Shah – the Financial Ambassador for the Malaysia International Islamic Financial Centre (MIFC) initiative – will lead a delegation of approximately 50 senior executives comprising representatives from Malaysia’s regulatory authorities, national investment agencies, Islamic banks, Islamic fund managers, takaful operators as well as professional services firms and shariah research institute to visit Abu Dhabi on 26-28 April 2010.
MIFC is an initiative to promote Malaysia as an Islamic financial hub in the effort to promote global integration and enhance economic inter-linkages. Organisations based in Malaysia and involved in Islamic finance form the MIFC community.
The MIFC visit to Abu Dhabi is envisaged to further strengthen the linkages and cooperation between the United Arab Emirates and Malaysia in the area of Islamic finance and in particular, enhance the two way interactions between members of the MIFC community with Abu Dhabi business community e.g. to explore possible business and investment collaborations .
In the past, leading Abu Dhabi institutions such as Mubadala Development Company and Abu Dhabi Investment Council had collaborated with Malaysia’s national investment agency Khazanah Nasional Berhad. In addition, Abu Dhabi Commercial Bank owns a significant stake in Malaysia’s RHB Capital Berhad
According to Mohamed Razif Abd Kadir, Deputy Governor, Bank Negara Malaysia, “Abu Dhabi is a key destination for the MIFC community. Malaysia offers a wealth of opportunities in its efforts to act as an Islamic finance platform and as a gateway to the Asian region. The UAE business community in particular Abu Dhabi have a heritage in being progressive, and business savvy. This combination can be key ingredients to a stronger collaborative effort between the UAE and Malaysia that would be beneficial to both sides given the growth prospects of the Islamic finance industry”.
“Malaysia has a comprehensive Islamic capital market which we continue to enhance through efforts at innovation. Our regulatory framework is facilitative and enables issuers to meet their funding needs both from the equity and sukuk markets,” Securities Commission Malaysia Chairman Zarinah Anwar said.
“For investors seeking Shariah-compliant equities in Malaysia will also find the widest offering of companies, including many global brands, for investment as well,” Zarinah added.
The range of opportunities that Malaysia offers in Islamic finance stretch from facilities like the Bursa Suq al-Sila’ (a web based commodity trading platform designed to enable Islamic finance that is administered by the Malaysian stock exchange) to new licences for banking, asset management and takaful activities available for eligible parties. At the same time, businesses in the MIFC community represent possible networking opportunities for UAE businessmen.
The MIFC delegates are scheduled to meet with leading Abu Dhabi’s agencies namely Abu Dhabi Investment Authority, Mubadala Development Company and InvestAD. In addition, a special luncheon will be held on 27 April 2010 at the Intercontinental Hotel, Abu Dhabi where HRH Raja Dr Nazrin Shah will deliver a keynote address. Members of the delegation may also hold private discussions or meetings with stakeholders in Abu Dhabi to explore opportunities in UAE.
