Mapping Malaysia's Resource Centres

127 MAPPING MALAYSIA’S RESOURCE CENTRES MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) In recent years,Malaysia has spearheaded a number of innovative developments, aimed to spur the vibrancy of this thriving industry. Several of these initiatives are: 1. Value-based Intermediation (VBI) Deliver the intended outcomes of Shariah through practices, conduct and offerings that generate positive and sustainable impact to the economy, community and environment. Examples include: i. First working capital financing for women entrepreneurs, equipped with financial literacy. ii. Islamic index-based investment scheme (Environmental, Social, and Governance (ESG) compliant). iii. ESG consideration in financing and investment decisions. 2. Fintech/Social Finance Nurturing a collaborative ecosystem for social finance and enhance roles of Islamic banks to support funds intermediation and investments activities. i. myWakaf: A waqf platform established by six Islamic banks & AIBIM with projects that include a hemodialysis services, boat waqf project and school. ii. Investment Account Platform. A platform to facilitate channeling of funds from investors to finance viable ventures and projects. 3. Sustainable & Responsible Investment (SRI) Strengthening Malaysia’s capital market value proposition to support sustainable finance and investment activities, whilst deepening the CONTACT E: themarketplace@mifc.com WEBSITE www.mifc.com STRENGTHS AND ACHIEVEMENTS Malaysia is globally recognised for its comprehensive Islamic Finance ecosystem and has lead the Islamic Finance Development Indicator (IFDI) for six consecutive years. INTERNATIONAL COOPERATION/ SUCCESS STORIES MIFC community members have supported the advancement of the Islamic Finance industry in both advanced and new Islamic finance markets. range of financial products available in the market. i. Creation of roadmap: SC released the SRI Roadmap to create a facilitative environment for the SRI ecosystem and chart the role of the capital market in driving Malaysia’s sustainable development. ii. Landmark issuances and products • World’s first SRI sukuk, green sukuk and SDG sukuk • World’s first ESG multi- currency sukuk fund • Malaysia’s first Shariah- compliant SRI equity fund Recognition and Awards Malaysia is globally recognised for its comprehensive ecosystem. This is reflected in its leading position in the Islamic Finance Development Indicator (IFDI) for six consecutive years in areas of quantitative development, governance, knowledge and awareness. International Cooperation Programme / Success Stories Malaysian Islamic financial stakeholders have supported the advancement of the Islamic finance industry either in advanced or new Islamic finance markets. Examples of roles by Malaysian entities in facilitating the growth of the global Islamic finance include: 1. Advisory on regulatory and legal framework to enable Islamic finance. 2. Advisory on world’s first green sovereign sukuk. 3. Technical expertise of various global standard setting bodies. 4. Shariah expertise for multilaterals and Islamic financial institutions on Islamic finance matters. Diagram 2: Malaysian Islamic financial assets