Business

Published: Monday November 9, 2009 MYT 4:10:00 PM

SC in talks to sign agreements on Islamic finance with foreign counterparts


KUALA LUMPUR: The Securities Commission is in talks with foreign counterparts and jurisdictions to sign collaboration agreements to further promote Islamic finance initiatives, Chairman Tan Sri Zarinah Anwar said Monday.

Citing the Mutual Recognition Agreement it signed with the Securities and Futures Commission Hong Kong (SFC) on the Development of Islamic Capital Market and Islamic Collective Investment Schemes, Zarinah said SC has made a lot of effort to develop Islamic finance under the Malaysia International Islamic Financial Centre (MIFC) agenda.

"We signed a similar agreement with the Dubai Financial Services Authority several years ago and we are discussing with other jurisdictions to make similar arrangements but this is still in progress.

"The signing of today's agreement with Hong Kong is just one of the steps we are taking in Islamic Finance," she told reporters after the signing ceremony with SFC.

Zarinah said the SC has been doing a lot of marketing campaigns and roadshows worldwide to promote Islamic Finance and as part of the liberalisation efforts by Malaysia, the government has also liberalised the fund management industry. - Bernama

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