KUALA LUMPUR: The entry of a number of Islamic financial institutions from several Gulf Cooperation Council (GCC) countries has significantly changed the landscape of Islamic capital market (ICM) intermediation in Malaysia, and efforts are under way to attract more foreign intermediaries to set up operations here.
Securities Commission senior executive director Dr Nik Ramlah said the role played by intermediaries had expanded dramatically recently and they now engaged in a broad range of complex financial transactions with sophisticated products.
“Efforts are currently being intensified to attract more foreign intermediaries to set up in Malaysia,” she said in her keynote address on the second and last day of MIF2007 Issuers and Investors Forum yesterday.
“Malaysian intermediaries are now blazing the ICM trail in other markets by offering their skills and expertise to the global financial community.
“On the same note, other institutions like our credit rating agencies have the track record and expertise to seize the opportunities by offering their expertise to the global market.”
She said a few Malaysian intermediaries had already taken steps towards strengthening their position by forging strategic alliances with foreign counterparts and venturing into regional markets.
“At the same time, they are acquiring the necessary skills and expertise in terms of new products and overseas investments,” she said.