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Thursday, 24 March 2016

Malaysia: Perak Sultan tells Islamic financial scholars, ulama to keep up with times

KUALA LUMPUR, March 23 ― Perak’s Sultan Nazrin Muizzuddin Shah today told Islamic financial scholars and ulama to “think futuristically” in order to be current with contemporary developments.
He said they can act as “institutional game-changers” in helping Islamic finance grow, but must leave their “ivory towers” and become more involved in the industry.
“They, the ulama and the scholars, are in the best position to act as institutional game-changers through their research... Thinking strategically and futuristically is, after all, expected in other disciplines, from information technology to business to public policy to science and engineering.
“And so it should be no different in Shariah scholarship as well, if we are serious about transforming the Islamic finance landscape to become better and more impactful for the whole of society,” he said in his speech at a book launch here.
Sultan Nazrin added that no industry was immune to “social evolution”, making it necessary for these scholars to make the effort to produce relevant financial products.
He also said that it was important to inform the public more on the role of Shariah advisors in finance as their endorsement of an institution meant that it complied with the Islamic beliefs.
“Therefore, every endorsement by Shariah advisors is an assurance to the public that the institution in question is acting in accordance with religious tenets,” Sultan Nazrin added.
He was speaking at the launch of “Shariah Minds in Islamic Finance” book by Datuk Dr Mohd Daud Bakar today.

(Malaymail Online / 23 March 2016)
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Malaysia: RAM expects RM120bil of sukuk issuance this year

KUALA LUMPUR: Malaysia is expected to sustain its momentum this year with the issuance of between RM100bil and RM120bil worth of sukuk this year, driven by infrastructure projects, said RAM Rating Services Bhd (RAM Ratings).


In a statement on Tuesday, the rating agency said the domestic market recorded RM8.4bil of new sukuk in January, up 42.3% year-on-year.

“The Malaysian Government was the largest issuer for the month with RM10bil in conventional and Islamic papers,” RAM Ratings said. 

“Islamic securities made up 60% (or RM6bil) of this amount, underlining the Government's continued efforts to enhance the depth of the country's sukuk market,” it said.

RAM Ratings also expected Islamic private debt securities to continue accounting for half of the Malaysian bond market for the year.



(The Star Online / 23 March 2016)
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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Consultant-Speaker-Motivator: www.ahmad-sanusi-husain.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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