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Banking on
Malaysia?s current position as the top sukuk issuer, representing 67 percent
of the world sukuk market, the SC leads in strengthening the country?s
Islamic capital market (ICM) position through partnerships with global
players.
Towards this end, the
Securities Commission (SC) and Citigroup co-hosting the Global Shariah
Dialogue themed ?Recent Trends in the Sukuk Market? in Kuala Lumpur, have
brought together Shariah scholars worldwide and market professionals to
foster greater interaction and collaboration amongst each other to address
important Shariah issues faced by the Islamic financial services industry.
In 2006, 27 out of the 64 sukuk approved by the SC were globally accepted
sukuk using the musyarakah, ijarah, istisna? and mudharabah principles. In
value, sukuk structured on the musyarakah concept contributed RM29.4 billion
or 70 percent of the total number of approved sukuk in Malaysia.
Meanwhile, the SC and Bank Negara Malaysia will reinforce the country?s
position as the global leader with the upcoming joint frameworks on the
issuance of non-ringgit sukuk by multilateral development banks and
financial institutions, sovereigns and quasi-sovereigns, and local or
foreign multinational corporations.
With other supporting infrastructure and regulatory frameworks already
firmly in place, the SC believes the focus of the country?s efforts in the
next phase of the country?s ICM development must be largely industry-driven.
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