Malaysia's Royal Award for Islamic Finance commenced a global search to honour an exceptional individual in the field of Islamic finance, with the opening of nominations for the fourth recipient of the Royal Award.
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 as an Islamic finance marketplace. The Royal Award recognises Islamic finance visionaries who contribute significantly to the growth of the global economy and social progress of communities around the world.
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 Award serves as a role model to inspire others to contribute to the advancement of the industry. In 2010, the inaugural Award was given to HE. Shaikh Saleh Abdullah Kamel, Chairman of the Al Baraka Banking Group and in 2012, the Award was given to Mr. Iqbal Khan, CEO of Fajr Capital. The recipient of the Royal Award for Islamic Finance in 2014 was Dato' Dr. Abdul Halim Ismail, recognised for his pivotal role in establishing the organisational structure and operating procedures of the first Islamic bank in Malaysia in 1983.
The closing date for nomination is 14 December 2015, and interested persons and parties can submit their nomination online via the website www.theroyalaward.com or via email RAIFSecretariat@seccom.com.my.
His Majesty the Yang di-Pertuan Agong of Malaysia will present the Royal Award to the 2016 recipient at the Royal Gala Dinner and award presentation which will be held in May 2016 in Kuala Lumpur.
SECURITIES COMMISSION MALAYSIA
In support of Malaysia: World's Islamic Finance Marketplace
Members of the Media may contact the Corporate Affairs Department at 03-62048305 (Lau Mei San), 03-62048265 (Delyana Nordin), 03-62048242 (Mohamad Lutfi Hakim), or fax no.: 03-62015078 or e-mail: cau@seccom.com.my.
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.
More recently, The Royal Award for Islamic Finance 2014 was presented to Dato' Dr. Abdul Halim Ismail, the first Malaysian to receive this award is recognised for his pivotal role in establishing the organisational structure and operating procedures of the first Islamic bank in 1983. He was appointed the Managing Director of Bank Islam and Chairman of the board of Syarikat Takaful Malaysia, the nation's first Islamic insurance company. In 1994, Dr. Abdul Halim also helped to set up BIMB Securities, the first Islamic stockbroking company in Malaysia. Under his stewardship, both the industry and financial institutions flourished, making Islamic finance an increasingly attractive alternative and complement to conventional finance. His vision and leadership also steered Bank Islam towards becoming a successful and robust Islamic financial institution upholding Shariah best practices. Bank Islam extended support, collaboration and training for Islamic banks which were subsequently set up within the region.
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. The marketplace is characterised by a robust regulatory, supervisory, Shariah and legal framework, a deep primary market and active secondary sukuk market, 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.
Our marketplace is a comprehensive Islamic finance ecosystem and business environment of infrastructure, innovation, expertise and deal flow, served by the Malaysia International Islamic Financial Centre (MIFC) Community, comprising the financial institutions, professional firms, regulators and government agencies.
For more information on Malaysia's Islamic finance marketplace, please visit www.mifc.com, follow us @MalaysiaIF and download MYIF app at Apple Store and Google Play.
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 International Islamic Financial Centre. Within this 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.
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 derivatives 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.
© Press Release 2015
