The issue, amidst the challenging global financial markets, was highly successful, attracting significant interest from a wide investor base with Asia accounting for 60 percent of the issue. The combined size of the Petronas global sukuk and conventional bond issuances amounting to 4.5 billion US dollars is the largest global issuance in Asia (excluding Japan) for the year. The brief time-to-market for the issuance of the US dollar Petronas sukuk and bond took approximately one month, from structuring the instrument and date of submission to the authorities, to book building and the issuance date – reflecting the efficiency of the Malaysian market. Prior to this, Malaysia has also seen wide ranging ringgit-denominated issuances by nonresident issuers. Multi-nationals, foreign corporations and Multilateral agencies such as the International Finance Corporation, International Bank for Reconstruction and Development, and the Islamic Development Bank have successfully issued sukuk in Malaysia. All these issuances garnered overwhelming response from resident and non-resident investors as reflected by the oversubscription of these sukuk issuances. The liquidity and tradability of these ringgit issuances have been supported by the diverse range of players in the domestic Islamic financial system and the increasing demand from foreign investors. The establishment of CMH marks a further milestone in the development of the Islamic financial system under the MIFC initiative, sustaining the continued evolution and the development of Islamic finance.

Zeti Akhtar Aziz: Enhancing global interlinkages in the international Islamic financial system Opening speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launch of Commodity Murabahah House, Kuala Lumpur, 17 August 2009. *  *  *  It is my great pleasure to be here, this afternoon, on this occasion of the launch of the Commodity Murabahah House. The establishment of the Commodity Murabahah House is, indeed timely, as the international financial crisis is gradually stabilising and the global economy is entering into a period of recovery. This decade has seen Islamic finance enter into a new phase of development, as its international dimension gains significance. Of significance, is that the international financial crisis has not discouraged this trend. The Islamic financial system has continued, during this period, to become increasingly integrated with the international financial system. However, as this inter-connectivity intensifies, the exposure to risks arising from financial and economic developments from other jurisdictions will increase. Essentially, international Islamic financial transactions will require the development of the supporting financial infrastructure, in particular, the systems and structures for the management of liquidity. Malaysia has taken several initiatives to strengthening the international dimension of our Islamic financial system during this decade, to increase our inter-linkages with other parts of the world. In 2002, the Malaysian Government became the first to issue a global sukuk. In the same year Malaysia was in the pioneer group that established the Islamic Financial Services Board that sets international prudential standards for Islamic finance.