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Stable
Diversified and flexible
growth at 5.7%
economic structure
for Q2 2007
Low inflation
(2% @ 30 June 2007)
Strong Economic Strong domestic
Fundamentals demand conditions
Low unemployment
(3.4% @ Dec 2006)
High gross national
savings
(38.1% of GNP)
Strong reserves
(RM59 b @June 2007)
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Financial system significantly stronger since Asian financial crisis
Holistic approach addressed immediate needs, while putting in place strong foundation for long
term stability
Institutional arrangements • Danaharta removed NPLs from banking system, with statutory
established to stabilise powers to enhance recoveries
banking industry • Danamodal facilitated recapitalisation of affected banks
• CDRC formed to facilitate voluntary debt work-outs for corporates
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Recent financial sector initiatives reinforce continuing modernisation and
resilience of Malaysia’s financial system
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Malaysian bond market among most developed in the region
The bond market represents a major structural enhancement of the financial system to support
economic growth and financial stability.
Malaysia’s position
(Size of Bond Market in % GDP) • In terms of relative size to GDP,
Malaysia ranked second after Japan
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CN IN TH HK SG KR MY JP
8
Global recognition
…has increased attractiveness to foreign investors and issuers
9
Liberalisation of the financial sector & financial market
FINANCIAL SECTOR
• Significant foreign participation in financial sector
• accounting for 30% and 70% of market share in terms of assets in banking & insurance sectors
respectively
– flexible expatriate policy
• Foreign shareholding limits have been raised further to foster strategic alliances in new areas of activity
– from 30% to 49% in insurance, investment banking and new Islamic banks/takaful operators
• New Islamic banking and takaful licences
FINANCIAL MARKET
• Foreign investors are free to make portfolio investments
• No restrictions on repatriation of capital, profits and income
• May obtain financing from licensed onshore banks in ringgit or foreign currency
• May enter into FX contracts with licensed onshore banks for hedging
• Free to convert foreign currency into ringgit and vice versa
• Tax incentives on holdings and secondary market transactions:
Exemption from withholding tax on interest income from investments in ringgit denominated
MGS and corporate bonds
No capital gains tax
No stamp duty
• Free entry and exit of foreign investors – funds
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Further liberalisation in foreign exchange administration policies carried
out in 2007
Growing
Opportunities
in Islamic Finance MIFD Slide 18
Islamic Finance
Gateway
Strong domestic
Islamic Favourable Global &
financial industry – Asia Economic Platform to tap global
Diversity of players Growth business opportunities
& sophistication • Origination, issuance &
of products trading of Islamic
financial instruments
including capital market
Asia’s Potential instruments
in Islamic Funds & • Fund & wealth
management
Slide 15 Investment
• International currency
Islamic financial business
• Takaful & ratakaful
• Centre for education
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Slide 16
Slide 17
Malaysia’s Islamic finance…achieving comparative advantage in
Islamic finance – Positioning DMDI Finance House
Diversity of players
• Domestic IBIs (2 Islamic banks, 9 IS)
• Foreign IBIs (3 IBs, 5 windows) Focus on international currency business
• Takaful operators (9) (out-out business)
• Retakaful operators (3)
• ICBUs (15), IIB (1)
• Fund managers
Slide 14 15
Increasing wealth in Asia provides larger source for Islamic finance
International Reserves % Gross National Savings/GDP US$ tril HNWI Wealth
US$ bil 40
5,000 50
4,500 45 35
0.8
ME 0.7
4,000
40 0.6 1.2
3,500 30 1 4.2 Africa
35 Developing Asia 0.8 3.7
3,000
25 3.4 Middle East
2,500 30 7.6
7.1 Latin America
2,000 25 Newly industrialized 20 6.6
1,500 Asian economies Asia Pacific
20 15
1,000 World 9.3 10.2 North America
15 8.5
500 Europe
10
0 10 UK
2000 2001 2002 2003 2004 2005 2006e
5 5 8.6 8.9 9.4
World Asia (incl Japan) 0 US 0
2004 2005 2006e 2007f
2003 2004 2005
Source: IMF World Economic Outlook Sept 2006 Source: IMF World Economic Outlook Sept 2006 Source: World Wealth Report 2006
World’s wealth
25.0%
Positive economic growth, coupled with Asia’s booming 21.3%
19.3%
economies and increase in petrodollars, increase countries’ 20.0% HNWI Population Growth
reserves with Asia dominates total world reserves 14.7% 14.4%
15.0% 13.5% 13.4%
Savings rates of Middle East and developing Asia countries 11.8%
are on upward trend, higher than the world’s savings rate 10.0%
6.8%
4.5%
High savings will ensure sustained private consumption 5.0%
moving forward amidst moderate global economic
growth 0.0%
pe
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Driven by real GDP gains and continued market re
ro
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ap
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do
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capitalisation, total HNWI’s wealth also expanding and thus,
So
Sa
provides potential for Islamic finance Source: World Wealth Report 2006
Slide 14
MIFD
Since 2000, accumulated
Gateway for Islamic
finance between
petrodollars: USD1trillion
regions
Europe share
of Gulf
wealth
US share of eroding
Gulf wealth
eroding Asia’s growing oil demand
ME to Europe & trade influence, attracting
Gulf wealth
Intra-regional
ME to US
ME to Asia-
Pacific
SIDC of
INCEIF
HUMAN CAPITAL DEVELOPMENT IN ISLAMIC FINANCE
IBFIM ICLIF SC
Level of knowledge: Level of knowledge: Focus: Focus:
Elementary Intermediate & Leadership Training
advanced programs courses in
Focus: Islamic
Short training courses Focus: Capital
to meet industry’s International Market
needs professional
certification and post-
graduate programs
Institutions Other
of higher training
learning providers
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Meeting the education needs of all levels of Islamic finance practitioners
MIFC
Gateway for Islamic
finance between
regions
20