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Malaysia to issue more licences for Islamic companies |
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| (www.sc.com) Chairman of the Malaysian Securities Commission (SC), Zarinah Anwar. |
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(Sukuk.net - Kuwait News Agency (KUNA)) More Islamic fund management companies' licences will be issued before the end of this year as well as next year in an effort to continuously internationalise the industry, said Chairman of the Malaysian Securities Commission (SC), Zarinah Anwar.
According to her, the SC has already approved three licences and is processing more applications from Europe, the United States, the Asia-Pacific and the Middle East.
Many of the firms want to make Malaysia their global centres of excellence for Islamic fund management, she said in a keynote address at the Malaysian Islamic Finance (MIF) Issuers Investors Forum 2008, here Tuesday.
Commenting on the deadline for approval of applications, she said the SC would try to expedite the approval process.
"We approve in batches and process applications as they are made. Hopefully, there will be more interest from fund management companies next year," she added.
Anwar, however, declined to disclose if the SC was working on having a specific number of companies. "We would not cap the numbers. The idea is to encourage more fund management companies, especially the bigger ones, to come to Malaysia," she explained.
According to her, the new foreign fund management companies could complement the quality products and services of existing ones, which in turn offer a wider choice for domestic and foreign investors.
She added there is also a need for Malaysia to aggressively promote itself as an attractive destination for Islamic fund investment.
Foreign Islamic fund management companies are allowed to have a 100 percent equity interest.
Source: Sukuk.net
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