PRESS RELEASES
Friday, 11 July 2008
SIDC holds week-long Islamic Markets Programme
The Securities Industry Development Corporation (SIDC) organised its third Islamic Markets Programme (IMP) entitled “Product Innovation: Integrating Shariah and Market Needs” from 7-11 July 2007, at the Securities Commission, Kuala Lumpur.
The IMP, a flagship training programme by SIDC was targeted at both experienced practitioners and new entrants into the Islamic finance. Led by SC’s ICM Development Project Director, Wan Abdul Rahim Kamil, the week-long programme brought together ICM experts and scholars such as President of the International Institute of Islamic Finance (IIIF) Dr. Mohd. Daud Bakar, SC Senior Shariah Expert Dr. Md. Nurdin Ngadimon and Rafe Heneef from Fajr Capital.
For the first time, this year’s IMP introduced the CEOs Forum, where challenges and approaches towards standardisation of Shariah ruling for sukuk were discussed. The forum was moderated by SC Managing Director Dato Dr Nik Ramlah Mahmood. Among the speakers at the forum were Datuk Vaseehar Hassan Abdul Razack of Unicorn International Islamic Bank Malaysia Bhd and Badlisyah Abdul Ghani, CEO of CIMB Islamic Bank Berhad.
John Zinkin, CEO of SIDC in his welcoming remarks said that “the rise and acceptance of Islamic finance in the last 30 years is one of the most significant innovations the financial industry has witnessed. Much has been accomplished by addressing the financial needs of customers within the framework of underlying tenets of Islam”.
The Malaysian Islamic capital market now has a full complement of products, infrastructure, institutions, intermediaries and investors which contribute to the development and deepening of the entire capital markets. However, development of an ICM talent pool “is indispensable for sustaining the performance, competitiveness and future growth of this sector. As a result, raising the standards of our intellectual capital is a key priority on any agenda to meet this challenge”, added Zinkin.
This year’s programme was well received by both local and international participants. “It was an eye opener for me as I get to know better on how we can leverage on Islamic products” said Shahrul Azlan Shahriman, Chief Officer of Prudential Fund Management Bhd. “IMP is very useful and informative; it will greatly assist my organisation to better understand the needs to improve Islamic products, and how to set up new guidelines to encourage banks to introduce more Islamic financial services, especially Sukuk” added Ahmad Jawab Moh’d Hamadeh, Examiner at the Central Bank of Jordan.
A total of 63 delegates from 12 countries: Bangladesh, Comoros, Croatia, Iran, Jordan, Kazakhstan, Kosovo, Maldives, Nigeria, Republic of Djibouti, Sri Lanka, Uzbekistan as well as Malaysia attended this week-long programme. “An excellent programme for both learning and sharing experiences. The presenters are the subject-matter experts in the various areas. I also think IMP is very useful even for the non-muslims” said Sambo Pheakdey, Official at the Ministry of Economy and Finance, Cambodia.
The programme discussed the fundamentals of Islamic finance, the underlying concepts and mechanics, as well as new ideas and approaches generated from the interactive discussions.
Given the success of now three Islamic Markets Programmes, SIDC will continue to organise this programme annually as an ongoing platform for discussion and exchange of ideas on Islamic capital markets.
SECURITIES INDUSTRY DEVELOPMENT CORPORATION
11 JULY 2008
About SIDC
SECURITIES INDUSTRY DEVELOPMENT CORPORATION (SIDC), the leading capital markets education, training and information resource provider in ASEAN was incorporated in March 2007.
SIDC has been delivering professional excellence for more than ten years. We organise training programmes for Malaysian and foreign regulators, company directors and market professionals as well as conduct public investor education seminars on wise investing and investors’ rights.
We develop and facilitate training both locally and internationally through a range of programmes and activities, including conferences, seminars, and workshops supported by computer-based learning. In collaboration with the Securities Commission Malaysia, we develop examination questions and modules and conduct licensing examinations as part of the licensing regime for Malaysian capital market intermediaries.
For more information, log on to www.sidc.com.my