Three-year progress report sets the stage for an industry-led business network and the transition to the next phase of Malaysia’s Islamic finance evolution
Kuala Lumpur, 13 October 2025: The Malaysia International Islamic Financial Centre MIFC Leadership Council MLC today issued its Three-Year Term Report (October 2022–2025), marking a transition milestone in Malaysia’s journey as a global gateway for Islamic finance.
The release of the Term Report at the Global Islamic Finance Forum GIFF 2025 coincides with the conclusion of the Council’s three-year term since its establishment in October 2022. The MLC was created by Bank Negara Malaysia BNM and the Securities Commission Malaysia SC to spearhead the next phase of growth for Islamic finance in Malaysia with a mandate for development through thought leadership, strategy formulation, and catalyzing implementation initiatives in line with the aspiration of Financial Sector Blueprint 2022-2026 and the Capital Market Masterplan 3 (2021-2025).
YAB Prime Minister Dato’ Seri Anwar Ibrahim officiated the launch of GIFF 2025, the flagship event hosted by the Association of Islamic Banking and Financial Institutions Malaysia AIBIM at Sasana Kijang, Kuala Lumpur, today.
Building on the foundations laid by the MIFC initiative launched in 2006, the MLC continued Malaysia’s national agenda to position the country as a leading international hub for Islamic finance culminating in the issuance of the MIFC Leadership Council Position Paper in May 2024, which reinforced and reset the strategic direction of Malaysia’s Islamic finance industry after more than four decades of rapid growth.
Launched by YAB Prime Minister at the Global Forum on Islamic Economics and Finance GFIEF 2024, the MLC Position Paper outlines the long-term vision and guiding framework for advancing Malaysia’s leadership in Islamic finance. This framework is structured around seven Principles (Core Values), 10 Shifts (Strategic Changes), 5 Key Thrusts (Execution Framework), 10 Key Focus Areas, and 18 MLC Impact Projects MIPs.
In the past three years, the Council conducted more than 200 industry engagements, including 19 roundtable sessions, and four business missions to Indonesia, Hong Kong, Türkiye, and the United Kingdom. The Council also initiated 18 initial MIPs – pioneering, industry-led initiatives that demonstrate how Islamic finance can address real-world challenges and deliver meaningful impact.
“The MLC’s work over the past three years has been to strengthen Islamic finance’s true purpose as a force for shared prosperity, justice, and compassion,” said Tan Sri Azman Mokhtar, Malaysia International Islamic Financial Centre MIFC Leadership Council Chairman.
Tan Sri Azman added: “This report is both a reflection of progress and a foundation for the next phase of Islah – renewal, restoration, and reform – to move from compliance (halal) towards impact (tayyib),” he said.
Looking ahead, the MIFC initiative under the stewardship of BNM and SC will transition into its next phase with the launch of the MIFC Business Network MBN, an industry-led platform, with oversight and strategic direction by both industry regulators. The MBN will be supported by an MIFC Secretariat.
Bringing together several leading institutions across banking, takaful, capital markets, and ancillary services as its founding members, the MBN will serve as a collaborative engine to drive industry ownership, cross-sector innovation, and new business opportunities.
Ultimately, the MBN aims to implement and execute projects, programmes, and initiatives for the next stage of Islamic finance development.
“After the strategic realignment of the long-term MIFC agenda by the MLC over its three-year term, the focus and locus of the next phase of the Islamic finance development rests firmly on implementation, execution, and delivery by industry players. This is ultimately a reiteration of a call to action in our collective journey. May we be rightly guided in this endeavour,” said Tan Sri Azman.
The MLC Three-Year Term Report is available for download at https://mifclc.com/download/publications/.
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Source: MIFCLC (Statement Download)