The Securities Commission Malaysia (SC) launched its latest Islamic capital market (ICM) initiative with the unveiling of a five-year Islamic Fund and Wealth Management Blueprint, which vision is for Malaysia to be a leading international centre for Islamic fund and wealth management (IFWM) and to drive further development and growth of the ICM. The Islamic finance industry has failed to democratise the syariah-compliant investment space, in particular access to capital markets. At least, in the equities side, Malaysia’s Islamic unit trusts and the Saudi National Commercial Bank (NCB’s) Al Ahli Islamic equity fund suite have pioneered access to syariah-compliant products. Malaysia has an impressive record of launching blueprints and master plans for the various segments of the Islamic finance industry, backed by the requisite legal, regulatory and enforcement frameworks. The Islamic asset and wealth management blueprint is the latest and, perhaps, belated manifestation.

Source: New Strait Times January 25, 2017 02:05 UTC