Courtesy Call to Securities Commission Malaysia (18 June 2010)
Wednesday, 14 July 2010 06:26pm
Article and photos contributed by Mazni Ibrahim, Officer, Islamic Finance Committee
The Bar Council Islamic Finance Committee (IFC)’s team, headed by its Chairperson, Ahmad Taufiq Baharum, visited the Securities Commission Malaysia (SC) on 18 June 2010 (Friday). The Chairperson was accompanied by Yasmeen Shariff, Tengku Hasmuddin Tengku Othman, Andrew Khoo, Aminurasyed Mahpop, Al-Sabri Ahmad Kabri and myself. The purpose of the visit was to gain an overview of the development of the Malaysian Islamic capital market as well as building a good working relationship with SC.
Tuan Haji Wan Abdul Rahim Kamil, Consultant in the Islamic Capital
Market Department, and his team, warmly welcomed us. He briefed us on
the recent developments pertaining to the Islamic capital market and on
the purview of SC. He also talked on the need for investors to be
protected and to maintain proper filing systems. As the main
regulatory body for the capital market in Malaysia, SC aims to
institute a comprehensive Islamic financial system in Malaysia,
comprising a diversity of stakeholders and a wide range of products
supported by appropriate legal, syariah and regulatory frameworks.
Ahmad Taufiq explained that IFC’s objective is to upgrade Members of the Bar’s knowledge on Islamic finance. In doing that, one of our projects is to have a resource center on Islamic finance for Members, located in the Bar Council library. The progress of this initiative is still in the early stage. IFC also plans to have one training session annually in collaboration with SC, on subjects of interest to both parties.
At the end of the visit, SC kindly donated a book on Sukuk and a series of books on the Islamic capital market to the Bar Council library.
In the afternoon of the same day, a team of IFC delegates (Ahmad Taufiq, Adzly Ab Manas, Chong Siew Ean, Mohamad Ezri Abdul Wahab, Sharifah Mazwin and Hafidah Aman) led by Yasmeen proceeded to Messrs Hisham, Sobri & Kadir to meet with bankers and representatives from the Association of Islamic Banking Institutions Malaysia to discuss and draft standard claim criteria for three summonses, the Murabahah, Ijarah and Bai Bithaman Ajil. The purpose of such criteria is to guide our Members on the basic requirements when preparing documents on Islamic finance.
IFC thanks Tengku Hasmuddin for facilitating the second meeting and organising a sumptuous lunch for the delegates.
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