Bank Negara Malaysia will issue Ijarah papers of an undisclosed value in February for monetary policy purposes and to meet the requirements of Islamic market players.
The Central Bank Governor Tan Sri Dr Zeti Akhtar Aziz Zeti 'speaking at her opening address at the 5th Annual Islamic Finance Summit in London'said this issuance would further broaden the existing range of Islamic financial instruments on offer. Dr Zeti also commented that a regular, sustainable supply of Sukuk must be ensured, with issuers, including multilateral organizations, governments and multinational corporations, all participating in this
process.
Dr Zeti promoted innovation in the development of a broader range of Islamic financial market instruments, including instruments with equity ownership features, Islamic asset-backed securities, inclusion of permissible forms of credit enhancements, as well as Shariah compliant risk mitigating instruments: “The development of an Islamic derivatives market for hedging is required for market-making activities to support the development of secondary markets.Research and development therefore need to be intensified. |
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