Islamic finance awards 2012: Outstanding Contribution to Islamic Finance
Malaysia has the world’s most sophisticated market for Islamic finance. Some people might quibble with that judgement: the banks are bigger in the Gulf, and the asset management volumes are bigger in Saudi Arabia. But in terms of a tried, tested, supportive, well-thought-out infrastructure within which an Islamic finance industry can flourish, Malaysia leads the field.
Clearly, financial services players such as CIMB have played a vital role in the evolution of Malaysia’s industry. But they would be the first to admit that they have been assisted by the regulators and policymakers who have done everything they possibly can to enable the industry to thrive. What truly distinguishes Malaysia from its rivals is that the central bank, the securities regulator and the government have worked together, with a clear vision of what Islamic finance could bring to their country, from the outset.
This award recognizes the policymaker side of this important combination – and in particular Malaysia’s prime minister, Dato’ Sri Mohd Najib Razak, who also serves as the country’s finance minister.