Malaysia’s Royal Award for Islamic Finance (The Royal Award) commences the third global search to honour an exceptional individual in the field of Islamic finance, with the opening of nominations.
The Royal Award, which was inaugurated in 2010 as a biennial award, is spearheaded by Bank Negara Malaysia and the Securities Commission Malaysia in support of Malaysia’s Islamic finance marketplace. The Royal Award focuses on an individual’s record of achievement and outstanding contribution to the advancement of Islamic finance globally. Previous recipients recognised for their efforts in expanding Islamic finance were Shaikh Saleh Abdullah Kamel, founder of the Saleh Kamel Centre for Islamic Economy, at Al-Azhar University, Egypt, and Iqbal Khan, presently Chief Executive Officer of Fajr Capital.
An independent seven member international jury, chaired by former Malaysian Deputy Prime Minister and Chairman of the World Islamic Economic Forum Foundation, Tun Musa Hitam, will select the deserving individual. The selection criteria of The Royal Award for Islamic Finance encompass both qualitative and quantitative aspects of an individual’s exceptional contribution towards Islamic finance globally. This includes 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 closing date for nomination is 31 January 2014, and interested persons and parties can submit their nomination online via the website award.mifc.com or via email [email protected]. [Securities Comission Malaysia — On behalf of the Malaysia International Islamic Financial Centre (MIFC) Initiative]
The recipient of the inaugural Royal Award for Islamic Finance in 2010 was Shaikh Saleh Abdullah Kamel of Saudi Arabia whose work over four decades had fast-tracked the global adoption of Islamic finance and continues to have sustained financial, economic and social impact in the world. Shaikh Saleh is widely credited for pioneering the adoption of Shariah-compliant principles in banking and business and was one of the first individuals to devise Islamic contracts for use in his business operations in the 1960s. To inspire and develop future talent and innovation, he established the Islamic Economics Research Centre, King Abdulaziz University and Jeddah Center for Science and Technology in Saudi Arabia and founded the Saleh Kamel Centre for Islamic Economy, Al-Azhar University, Cairo and Saleh Kamel Center for Banking Studies and Research, King Saud University, Saudi Arabia.
In 2012 The Royal Award was presented to Iqbal Khan for his dedication, drive and extraordinary leadership in accelerating the global growth and accessibility of Islamic finance. Iqbal Khan has had a prominent role in the course of facilitating, promoting and innovating Islamic finance on a global scale. Iqbal Khan was instrumental in establishing a number of institutions and initiatives in the Islamic finance industry, including Citi Islamic Investment Bank, the Islamic Finance Project at Harvard University, Meezan Bank, HSBC Amanah and most recently Fajr Capital, of which he is Founding Board Member and Chief Executive Officer. He also had an important role in innovating and promoting global sukuk as a mechanism to raise capital by sovereign governments. In 2006, he received the Euromoney Award for Outstanding Contribution to Islamic Finance, and was nominated and voted by the Islamic Financial News as the Best Individual Islamic Banker for 2005. He was also recognised by the United States House of
Representatives in 2000 for his contribution in the field of finance and economics. In the same year, he won the LARIBA Award for Excellence in Islamic Banking Practitioner’s Division.
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. Our marketplace is characterised by a robust regulatory, supervisory, Shariah and legal framework, a deep primary market and active secondary sukuk market, a 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.
Malaysia’s Islamic finance marketplace is served by the Malaysia International Islamic Financial Centre (MIFC) Community, founded on the launch of the MIFC initiative in 2006. The MIFC Community is a network of the country’s financial sector regulators, including Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia, Labuan Financial Services Authority and Bursa Malaysia (Kuala Lumpur Stock Exchange), Government ministries and agencies, industry players from the Islamic banking, takaful, re-takaful and Islamic capital market industries, human capital development institutions as well as professional ancillary services companies ranging from legal firms and Shariah advisories to tax and audit firms and research companies.
For more information on Malaysia’s Islamic finance marketplace, please visit www.mifc.com.
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 Islamic finance marketplace that is open to the world. Within the MIFC 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. BNM’s most recent effort is the introduction of the Islamic Financial Services Act 2013. Log on to www.bnm.gov.my for more information.
About Securities Commission Malaysia
Securities Commission Malaysia (SC), established under the Securities Commission Act 1993, is a statutory body that reports to the Minister of Finance, Malaysia.
The SC has direct responsibility for supervising and monitoring the activities of market institutions including the exchanges and clearing houses, as well as all persons licensed under the Capital Markets and Services Act 2007. Underpinning these functions is the ultimate aim of protecting investors. SC is also responsible to promote and develop securities and futures markets in Malaysia.
The SC spearheads the development of the Malaysian Islamic capital market (ICM) by establishing a Shariah Advisory Council (SAC) to advise on matters relating to Islamic capital market activities and products. Over the years, the SC has built a comprehensive and facilitative framework for Islamic funds and wealth management. In addition, the SC has been driving product innovation in the Islamic equity and sukuk (Islamic bond) sectors; on top of promoting education, training, consultancy and research for the ICM. Log on to www.sc.com.my for more information.
*This press release was published on 13 November 2013 by Zawya.com. Read the original article here.
