Standard Chartered Saadiq held its inaugural Islamic Financial Markets Forum recently, in conjunction with its 30th anniversary of Islamic banking.
Having hosted more than a hundred participants from the financial services industry, the forum aimed to create a platform for key industry practitioners and regulators to share ideas and views to bring about greater understanding on Islamic banking and finance. As a leading international Islamic bank, Standard Chartered Saadiq offers a comprehensive Shariah-compliant product suite and an unmatched Islamic network spanning Asia, Africa and the Middle East.
During his keynote address, Bank Negara Malaysia Assistant Governor Adnan Zaylani Mohamad Zahid (pictured) spoke on the importance of advancing the Islamic finance market through thought leadership and innovation, “Islamic finance remains a top priority in the Financial Sector Blueprint to strengthen Malaysia’s value proposition as an international gateway for Islamic finance.”
“The outlook for the Malaysian Islamic financial market in the next five to 10 years is generally positive, pointing towards continued growth and development as well as Malaysia remaining as a major global Islamic financial centre.”
“With the growing maturity of the Islamic financial sector in Malaysia, Bank Negara Malaysia also believes that the industry is now well positioned to drive the broader Malaysia as an Islamic Financial Centre (MIFC) agenda. The MIFC Leadership Council, a joint initiative of Bank Negara Malaysia and the Securities Commission Malaysia will provide thought leadership, and drive strategy formulation and implementation to enhance Malaysia’s position as an international gateway for Islamic finance. It is envisioned that the Council will also evolve into a fully industry-led structure that will be better able to respond to – and capitalise on – global opportunities in Islamic finance. We are confident that with stronger industry stewardship, we will be able to foster greater market dynamism and growth.”
However, he added, “The Islamic finance sector indeed still has some way to reach its full potential based on these values to fulfil contemporary economic and social needs.”
“Therefore, new initiatives are needed to empower and advance the Islamic finance system by emphasising on the principle of driving growth, wider participation, and equitable wealth distribution, and not only focused on company and conglomerate profits.”
The full text of Bank Negara Malaysia Assistant Governor Adnan Zaylani Mohamad Zahid’s keynote address during the Standard Chartered Islamic Financial Markets Forum 2023 can be found here.
Standard Chartered Malaysia
Standard Chartered Bank, a member of the Standard Chartered Group, was established in Malaysia in 1875. As Malaysia’s first bank, Standard Chartered leads the way through product innovation, consistent and strong growth performance and sustainability initiatives. The Bank provides a comprehensive range of financial solutions to corporates, institutions and individuals through its network of branches across Malaysia. The Bank has an Islamic banking subsidiary, Standard Chartered Saadiq; a global shared services centre, Standard Chartered Global Business Services; a sales arm, Price Solutions and an offshore facility in Labuan. Standard Chartered employs over 7,000 employees in all its Malaysian operations.
Standard Chartered
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets, and serve clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
