MANDATE
MIFC Leadership Council
The MIFC Leadership Council (MLC) was established in October 2022 as a joint initiative of BNM and the SC to drive the next phase of development in positioning Malaysia as an international Islamic financial centre. The Council serves as a platform to provide industry stewardship in enhancing Malaysia’s proposition as a global marketplace and an international gateway for Islamic finance.
The roles of the MLC include providing thought leadership, driving strategy formulation, and monitoring industry initiatives to solidify Malaysia’s leading position in Islamic finance.
The MLC is guided by national strategic development plans, including BNM’s Financial Sector Blueprint 2022 – 2026 and the SC’s Capital Market Masterplan 3 (CMP3). The Council also leverages the expertise of financial, corporate and academic experts as well as collaborate with relevant authorities and agencies to advance areas of mutual interest and support industry initiatives.
The formation of the Council was announced at the Global Islamic Finance Forum (GIFF) 2022, which focused on emerging developments in Islamic finance such as fintech and digitalisation, value-based innovation, and global opportunities for the Islamic finance industry to promote balanced, inclusive, and sustainable growth.
The former Bank Negara Malaysia Governor, Tan Sri Nor Shamsiah Mohd Yunus, in her speech at the GIFF 2022 said “The MIFC Leadership Council (MLC) will provide thought leadership, drive strategy formulation and implementation to enhance Malaysia’s position as an international gateway for Islamic finance”.
STRATEGY
ACTION
ADVOCACY
MANDATE
A platform to lead the development and promotion of MIFC by identifying international opportunities, industry strategic priorities and monitoring industry initiatives. This includes accelerating the implementation of initiatives that will:
- Nurture new ideas, strategy or initiatives
- Deepen and diversify strategic linkages between domestic and international partners; and
- Deliver industry thought leadership.
INTENDED OUTCOMES
Improved global competitiveness of Malaysia’s Islamic finance industry to tap opportunites outside Malaysia
More financial innovation delivering positive impact to economy, community and environment
Deepen financial linkages and international partnerships
Sustained global thought leadership in Islamic finance
Source: BNM Annual Report 2022