General & Misc

SC aims Further Expansion of Islamic Capital Market, says Chairman

Date: 14 March 2019; Type: Industry Updates; Source: Bernama

KUALA LUMPUR, March 14 (Bernama) - The Securities Commission (SC), the regulatory body of the capital market, aim to foster growth that is premised on long-term value creation by intensifying efforts to further expand the Islamic capital market as well as the closely-linked sustainable finance segment.

In the SC's 2018 Annual Report released today, its chairman, Datuk Syed Zaid Albar said this is due to the congruence of such ideals with the principles of Islamic finance, where Malaysia retains global competitive advantage.

“Among others, we will continue to broaden the Sustainable and Responsible Investment (SRI) sukuk framework and introduce Islamic SRI positive screening for equity offerings.

“Another area of focus would be the development of social enterprises via the waqf model, where sustainable returns can be generated from endowments and channelled towards financing socially-beneficial endeavours,” he said.

For 2019, he said the SC is committed to foster innovation and competitiveness within a sensible and proactive oversight regime, as well as, encourage greater openness and collaboration between the SC and other stakeholders in the economy.

He said the supply of capital, particularly to alternative financing avenues, would be augmented by efforts to grow Malaysia’s venture capital and private equity industry.

“To this end, our efforts will focus on diversifying sources of funding beyond government-backed funds while also encouraging investments at different stages of investee companies’ life cycle,” he said

He said to facilitate equity fundraising, it would also collaborate with intermediaries to infuse greater market perspectives into the initial public offering (IPO) process and improve time-to-market for proposals that comply with requisite investor protection criteria.

To enhance market vibrancy, the regulatory authority would support changes in the trading landscape by allowing for varied trading strategies, including greater use of derivatives.

Meanwhile, he said the overall capital market stood at RM3.1 trillion as at Dec 31, 2018, equivalent to 2.2 times the size of the domestic economy.

He said this comprised domestic bonds and sukuk outstanding, which rose to RM1.4 trillion and equity market capitalisation of RM1.7 trillion.

On the buy-side, he said the fund management industry with assets under management of RM743.6 billion continued to play a key role in savings intermediation while the capital market sustained its role in financing for the real economy, with total funds raised through bond, sukuk and equity issuances amounting to RM114.6 billion.

“While relatively nascent, alternative fundraising channels for micro, small and medium enterprises (MSMEs) such as equity crowdfunding (ECF) and peer-to-peer (P2P) financing gained traction, with RM261.5 million raised by 693 issuers to-date.

‘Despite the emerging competition, Malaysia remained a global leader in the Islamic capital market with RM1.9 trillion in Shariah-compliant equity and sukuk outstanding. Malaysia also continued to be the world’s largest sukuk market,” he added.

MY Bernama

Asean LIP works with Bernama to bring you the latest Malaysian legal news. Bernama is the national news agency of Malaysia. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or Bernama. Neither the Publishers nor Bernama will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and Bernama also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

Get ASEAN LAW ALERT

Legal updates by e-mail. It's Free.

INDUSTRY UPDATES

Phone Call not from Officer or Staff of Penang Courts - Chief Registrar's Office

PUTRAJAYA, May 21 (Bernama) - The Federal Court Chief Registrar’s Office (PKPMP) has denied an individual’s claim about receiving a phone call from an officer or employee of the Penang courts.

Read More

INDUSTRY UPDATES

No Freeze in Intake of Foreign Workers - Ministry

KUALA LUMPUR, May 18 (Bernama) - The Human Resources Ministry has clarified that there is no freeze in the recruitment of foreign workers although many applications to bring in workers have been rejected for non-compliance with the law.

Read More

INDUSTRY UPDATES

Actions against those who tarnish Judiciary's Image, Dignity, says CJ

PUTRAJAYA, May 17 (Bernama) - Actions will be taken against those who tarnish the judiciary's image and dignity, says Chief Justice Datuk Tengku Maimun Tuan Mat.

Read More

INDUSTRY UPDATES

Right Decisions only Way for Judiciary to recover Glory - Attorney General

PUTRAJAYA, May 17 (Bernama) - Attorney-General Tommy Thomas says judges must always endeavour to make the right decisions, without fear or favour, and regardless of the personality of the party or the accused before them.

Read More

INDUSTRY UPDATES

Transport Ministry makes it More Flexible for e-hailing Drivers to obtain PSV Licence

KUALA LUMPUR, May 17 (Bernama) - The Ministry of Transport is willing to make it easier for e-hailing drivers to clock in the six hours of course time to obtain a Public Transport Vehicle (PSV) licence.

Read More

INDUSTRY UPDATES

RM1.56 Mln Fine on Poachers, highest so far for Wildlife Crimes

PUTRAJAYA, May 17 (Bernama) - The Kuala Terengganu Sessions Court's decision to fine RM1.56 million each on two Vietnamese poachers has been the highest amount so far for wildlife crimes in the country's history, said Water, Land and Natural Resources Minister Dr Xavier Jayakumar.

Read More

INDUSTRY UPDATES

Adib Inquest: Lawyer grills Forensics Expert on 'Probability Report'

SHAH ALAM, May 16 (Bernama) - A lawyer questioned the ‘probability report’ of a specialist medical witness in the inquest into the death of Muhammad Adib Mohd Kassim, that injuries to the right chest of the firefighter were caused by a curb or road shoulder.

Read More

INDUSTRY UPDATES

Government agrees to appoint a Youth to represent them in the Senate

BANGI, May 15 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad announced that the government has agreed to appoint a member of the Senate from among the youths with wide expertise and knowledge in the field and issues on the development of youths.

Read More

INDUSTRY UPDATES

MoF sets up Debt Management Office

KUALA LUMPUR, May 15 (Bernama) - The Ministry of Finance has set up the Debt Management Office (DMO) to review and manage the government’s debt and liabilities.

Read More

INDUSTRY UPDATES

Universities, Industry Players to join forces for IR 4.0

GEORGE TOWN, Apr 29 (Bernama) - The joint forces of the brains in the universities and the capacity and capabilities of key industries will make a change for a better world through the Fourth Industrial Revolution (IR 4.0), said Universiti Sains Malaysia (USM) vice-chancellor Prof Dr Asma Ismail.

Read More

INDUSTRY UPDATES

BNM appoints Two External Members to Monetary Policy Committee

KUALA LUMPUR, Apr 29 (Bernama) - Bank Negara Malaysia (BNM) has reappointed Professor Dr Yeah Kim Leng and appointed Datuk Dr Gan Wee Beng as external members of its Monetary Policy Committee (MPC) effective April 1, 2019.

Read More

INDUSTRY UPDATES

Those given Trust, Power should Build a better Nation Based on Rule of Law - Sultan Nazrin

KUALA LUMPUR, Apr 25 (Bernama) - The Sultan of Perak, Sultan Nazrin Shah said those given the trust, power and position, now have the opportunity to build a better Malaysia based on the rule of law.

Read More

INDUSTRY UPDATES

King decides High Court Registry Location on Advice of PM - Sabah Law Society

KOTA KINABALU, Apr 25 (Bernama) - The principal registry of the High Court of Sabah and Sarawak can be relocated to any place in Sabah or Sarawak as determined by the Yang di-Pertuan Agong acting on the advice of the prime minister, the Sabah Law Society (SLS) said today.

Read More

INDUSTRY UPDATES

Mobile Application on Labour Market Information Launched

PUTRAJAYA, Apr 23 (Bernama) - Information on Malaysia's labour market is now available at the fingertips with the launch of a new mobile application, Labour Market Information Gateway or LMI Gateway today.

Read More

INDUSTRY UPDATES

Former Lawyer Pleads not Guilty to CBT Over Client's House Sale Proceeds

KUALA LUMPUR, Apr 23 (Bernama) - A former lawyer pleaded not guilty at the Sessions Court here today to a charge of criminal breach of trust amounting to RM338,000 which was the proceeds from the sale of a house belonging to his client three years ago.

Read More