GCMA Round Table with Malaysia International Islamic Financial Centre
April 29th 2010 – The Gulf Capital Market Association held a roundtable event yesterday with a delegation from the Malaysia International Islamic Financial Centre (MIFC) that highlighted growing linkages between the regional economies and experiences in developing sukuk markets. The event was held at the Intercontinental Hotel in Abu Dhabi
Shariffudin Khalid of Central Bank of Malaysia offered opening remarks followed by GCMA President Michael Grifferty. Following the statements there was a lively roundtable discussion that addressed challenges in deepening fixed income markets, regional harmonization, standardizing practices, sharia advisory councils, and facilitating issuers and investors access to the respective regional markets.
Several GCMA participants praised the success of the Malaysian sukuk market and suggested that adopting certain elements of that model, starting with strong regulator-industry cooperation, could assist in deepening the Gulf market. GCMA and MIFC will continue to facilitate linkages between the respective markets.
The MIFC group included representatives of Central Bank of Malayia, Securities Commission Malaysia, International Shari ah Research Academy for Islamic Finance, Labuan Financial Services Authority as well as market participants.
Representing GCMA were delegates from member firms DIB Capital, HSBC, Standard Chartered Bank and Fulbright & Jaworski.