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The Malaysia International Islamic Financial Centre (MIFC) is an initiative of Malaysia’s financial market regulators and relevant government agencies dedicated to developing Malaysia’s Islamic finance market by engaging with industry and government. [1] The initiative was launched in 2006 [2] and is based in Kuala Lumpur, Malaysia.
The Royal Award for Islamic Finance (RAIF) is an international award given to an individual who has excelled in advancing Islamic finance. It was established in 2010 under the Malaysia International Islamic Financial Centre (MIFC) initiative and supported by Bank Negara Malaysia and Securities Commission Malaysia.
The first Islamic bank in Malaysia was established in 1983. In 1993, commercial banks, merchant banks and finance companies were allowed to offer Islamic banking products and services under the Islamic Banking Scheme (IBS). These institutions however, are required to separate the funds and activities of Islamic banking transactions from that of ...
Malaysia is currently also the world's largest centre of Islamic Finance. Malaysia has 16 fully-fledged Islamic banks including five foreign ones, with total Islamic bank assets of US$168.4 billion, which accounts for 25% of the Malaysia's total banking assets. [2] This in turn accounts for over 10% of the world's total Islamic banking assets.
International Shariʽah Research Academy for Islamic Finance (ISRA) is an Islamic finance research institution in Malaysia that focuses on sharia-related issues. [ 1 ] ISRA was established on 26 March 2008 by the Central Bank Malaysia (BNM).
Designed by London-based Farshid Moussavi Architecture, [5] the Center will be a contemporary interpretation of traditional Persian ornamentation,[2] including ceramic mosaics, and screens drawn from various Islamic traditions. [6] The center’s façade will be a combination of different types of stone and steel encased in concrete.
Central Bank of Malaysia and Securities Commission Malaysia: Affiliations: Asian Institute of Chartered Bankers (AICB), Asian Banking School (ABS), Chartered Institute of Islamic Professionals (CIIF), Islamic Banking and Finance Institute of Malaysia (IBFIM), Securities Industry Development Corporation (SIDC) and The Malaysian Insurance Institute (MII)
In 2002, the Malaysia-based Islamic Financial Services Board (IFSB) was established as an international standard-setting body for Islamic financial institutions. [65] By 1995, 144 Islamic financial institutions had been established worldwide, including 33 government-run banks, 40 private banks, and 71 investment companies. [79]