mohd razif bin abd kadir : malaysiaa€™s position as an international islamic financial centre closing keynote address by mr mohd razif bin abd kadir, deputy governor of the central bank of malaysia, at the malaysian islamic finance - issuers and investors forum 2006, kuala lumpur, 15 august 2006. * * * it is my pleasure to be here at the end of the two - day malaysian islamic finance - issuers and investors forum 2006. the joint hosting of this forum by bank negara malaysia, the securities commission, labuan offshore financial services authority ( lofsa ) and bursa malaysia is testimony to the strong cooperation and close collaboration of the key regulatory and market authorities in the financial services sector in malaysia. i would regard the forum as a successful one. the 14 sessions and the 54 distinguished panellists and 8 moderators from various backgrounds and experience have deliberated and focused on issues that are relevant to both the issuers and investors, who are among the key stakeholders of islamic finance. my closing remarks today will centre on summarising the issues and suggestions that have been put forward to further enhance malaysia's position as an international islamic financial centre, and to reiterate and reaffirm the strong commitment of the government and the relevant regulatory agencies to spearhead this mifc initiative. in many of the sessions, malaysia has been recognised as having in place a strong foundation and the right pre - requisites to become an effective and efficient islamic financial hub. among them are : i. 23 years of experience in regulating and developing the islamic financial system. ii. strong islamic financial institutions comprising 12 islamic banks. of this, 3 are foreign islamic financial institutions and 7 are islamic subsidiaries of banking groups. there are also several islamic windows of conventional banking institutions which are also lead arrangers of islamic financial instruments. in the takaful industry, there are 9 takaful operators. iii. a strong islamic capital market with 89 islamic unit trust funds, 85 percent of bursa malaysia's counters are shariah approved counters and 46 percent of the corporate bond market are islamic bonds or sukuks. iv. a well established and comprehensive regulatory and shariah governance framework in accordance with best practices, together with a tax neutrality policy. v. a comprehensive legal and shariah infrastructure. vi. well endowed with the critical mass and a wide array of islamic products and services. vii. talent development infrastructure. viii. a vibrant and

would propel malaysia into becoming a vibrant, innovative and competitive international islamic financial services industry supported by high calibre human talent, world - class infrastructure and best international standards. building on what we have, we need to create a global brand to be promoted more aggressively in the global arena. this will be key to penetrate markets as well as to attract global players to our shores, henceforth enhancing the viability and sustainability of malaysia's islamic financial system. malaysia will embark on more strategic promotional and marketing efforts through greater collaboration and smart partnership. mifc will be our global brand. on this note, on behalf of the hosts and organisers, i would like to thank the distinguished panellists and moderators, media and the respected audience for making this forum a success, and i hereby declare the forum officially closed. thank you.