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Sunday, 22 July 2012

Securities Commission Malaysia names new Shari'ah Advisory Council members

The 11 SAC members, appointed by the Yang di-Pertuan Agong under section 316C of the Capital Markets and Services Act 2007 (CMSA), are:
Tun Abdul Hamid Haji Mohamad, Former Chief Justice of the Federal Court, Malaysia
Tan Sri Sheikh Ghazali Haji Abdul Rahman, Shari’ah Legal Advisor, Attorney General's Chambers
Dato' Dr. Abdul Halim Ismail, Pro-Chancellor Insaniah University College and Chairman, Shari’ah Committee of Shari’ah-Compliant Funds of Amanah Mutual Bhd
Dr. Mohd. Daud Bakar, Chairman, Shari’ah Advisory Council of Bank Negara Malaysia and CEO of Amanie Advisors Sdn. Bhd.
Dr. Muhammad Syafii Antonio, Rector of TAZKIA University College of Islamic Economics, Bogor, Indonesia
Professor Mohammad Hashim Kamali, Founding Chairman and CEO of the International Institute of Advanced Islamic Studies, Malaysia
Professor Dr. Ashraf bin Md Hashim, Head of Consultancy Department, International Shari'ah Research Academy for Islamic Finance (ISRA)
Associate Professor Dr. Azman bin Mohd Noor, Department of Fiqh and Usul al Fiqh, Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia
Assistant Professor Dr. Aznan Hasan, Department of Islamic Law, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia
Associate Professor Dr. Engku Rabiah Adawiah Engku Ali, Institute of Islamic Banking and Finance (IIBF), International Islamic University Malaysia
Associate Professor Dr. Shamsiah Mohamad, Lecturer, Department of Fiqh and Usul, Academy of Islamic Studies, University of Malaya
The SAC is a key pillar in the development of the Islamic capital market in Malaysia especially in facilitating innovation and ensuring a robust Shari’ah governance process. The function of the SAC provides greater consistency and clarity to issuers, intermediaries and investors in the Malaysian Islamic capital market. The SAC also plays an instrumental role in strengthening the country's position as a leading international Islamic financial centre.
Under the CMSA, the SAC is empowered to ascertain the application of Shari’ah principles on any matter pertaining to Islamic capital market business or transaction, and to advise the SC on any Shari’ah issue relating to Islamic capital market business or transactions.
The SAC is also empowered to provide advice to any person on Shari’ah issues relating to Islamic capital market business or transaction.
(C.P.I Financial / 19 July 2012)

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Malaysia: SME masterplan will define direction for next 8 years

KUALA LUMPUR: The SME Masterplan 2012-2020, to be unveiled on Thursday, will define the direction where small and medium enterprises should be in the next eight years to achieve the sector’s target to raise its gross domestic product contribution to 41% from 32% currently.
Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir said the innovative segment was an important target area for SMEs.
“The masterplan will clearly define where we want to be in the next eight years. Once we have that kind of direction, SMEs can know what to expect,” he said at a press conference after the offical launch of SME Recognition Award 2012.
He said incentives would continue to be given to SMEs to assist them in achieving growth and objectives.
Mukhriz said there were two major funds given to SMEs allocated under Budget 2012.
“These are the RM500mil for the Syariah Compliant Commercialisa-tion Innovation Fund and the RM2bil fund to provide eligible SMEs involved in syariah-compliant business activities,” he said.
Mukhriz said SMEs should also need to diversify their markets and supply base in the face of volatility in the currency markets and trade with countries that do not have major impact on the ringgit.
“There is a also a need for SMEs to be able to hedge so as not to be hit by changes in currency exchange,” he said.
Meanwhile, SMI Association of Malaysia national president Teh Kee Sinsaid it was time for the SMEs to transform their mindset and value system and strive to be more creative and innovative, and adopt branding intiatitives as well as full utilisaton of informaton communications and technology in the approach to producing goods and services to meet market changes.
“SMEs must take heed of the current economic scenario which is full of uncertainties,” Teh said in his opening remarks.
Nomination for the award is open and would close on Sept 15.
The award is to honour outstanding SMEs in Malaysia based on their competitive strengths.
(The Star Online / 10 July 2012)

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Sri Lanka: CDB partners with ADL Capital to offer Islamic financial services

Citizens Development Business Finance PLC (CDB) will venture into the expanding domestic market of Islamic Finance with the scheduled launch of the company’s Sharia’h compliant Independent Finance Unit branded “CDB Meezan” shortly. The specialised Unit will operate under the overall ambit of CDB and will roll out a range of deposit and financing products and services to its entire clientele.
The setting up of “CDB Meezan” was facilitated under the expert guidance and supervision of SEC registered Investment Manager, Adl Capital Limited - a Market Intermediary which in addition to its Fund Management role specialises in structuring turnkey Islamic Financing solutions to the local and overseas industry. These include, establishing fully-fledged Islamic banking units and product structuring for licensed banks/registered finance companies/leasing companies. Adl Capital’s corporate advisory functions also includes structuring Shariah compliant products for the Capital and Equity Markets, and offers specialized staff training and Shariah-based financial advisory services to private businesses.
“We have been exploring the possibilities of launching Islamic Finance for a while now, however, in seeing that the demand for these products is on the increase in the recent times, we believe it is a timely start to offer Islamic Financial products to our customers,” said Roshan Abeygoonewardena, Director/Chief Operating Officer of CDB. 

Associate Director of Adl Capital Limited, Sabri Abdul Cader commenting at the conclusion of the company’s assignment said, “The entry of CDB Meezan into the world of Islamic Finance is testimony to the resilience that the domestic IBF sector has demonstrated in Sri Lanka’s 15 year history of Islamic Banking & Finance. We are delighted to partner CDB in this endeavor. With the guidance and support from learned and reputed scholars, we are confident that CDB Meezan will deliver value and benefits to all its stakeholders”.

(The Nation / 22 July 2012)

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