AIBIMAssociation of Islamic Banking Institutions Malaysia
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The Global Islamic Finance Forum presents a great opportunity for fintech startups to showcase their offerings for Islamic finance, which is rapidly gaining traction in Muslim-majority nations and international financial centers," says AIBIM executive director Yusry Yusoff.
This initiative marks a significant development in furthering the level of efficiency for Islamic finance transactions particularly, in ensuring compliance to Shariah requirements," said Yusry Yusoff, executive director of the AIBIM.
Understanding this prerequisite, AIBIM, at the request of and driven by its members, has developed common and standardized documents, comprising the MAA and the IMMA, which can be used by Islamic banking institutions for their interbank transactions involving deposit-taking and placement," he told delegates at the launch of the master agreements in Kuala Lumpur on April 15 in the presence of Zeti Akhtar Aziz, governor of Bank Negara Malaysia, the central bank.
According to AIBIM, the MAA and IMMA are bilateral agreements between the deposit-placing entity (DPE) or the principal and the deposit-taking entity (DTE) or the bank.
Bloomberg will calculate the Index daily, with rates and prices contributed by member banks of AIBIM.
Dato' Mohd Redza Shah Abdul Wahid, President of AIBIM, said, "With the diversification of the Islamic finance market, there is a growing need for access to accurate, timely and comprehensive data.
The Bloomberg AIBIM Bursa Malaysia Corporate Sukuk Index aims to serve as a benchmark for investors of MYR-denominated Islamic bonds in Malaysia, the world's biggest Sukuk market.
He said AIBIM was concerned about rumours about the banking system.
The MYR sukuk index developed with Bloomberg will become the Islamic benchmark of choice for the Malaysian sukuk market and help stimulate the growth, competitiveness and sustainability of Islamic financial services," says Dato' Mohd Redza Shah Abdul Wahid, President, AIBIM.
A division of the bank's capital markets unit, AIBIM offers AIB Select US Equity fund, which ranks among 36 of the 332 fund managers with funds in the Lipper US Equity Category that achieved top-quartile performance over one-year, three-year and five-year periods.
Themed 'Marketplace for Global Linkages', GIFF 2014 will pave the way for increasing cross-regional transactions in emerging and developed markets," said Dato' Mohd Redza Shah Abdul Wahid, President of AIBIM.
The Thomson Reuters Global Sukuk Index and the MYR-denominated Bloomberg AIBIM Bursa Malaysia Corporate Sukuk Index were both unveiled today at the Global Islamic Finance Forum (GIFF) 2012 in Kuala Lumpur, Malaysia.