MIFC Leadership Council

The Singapore Islamic Finance Forum (SIFF) 2024 was an inspiring gathering of leaders and innovators in Islamic finance, and we were honored to have Datuk Prof. Dr. Mohamad Akram Laldin, MIFC Leadership Council (MLC) Member, represent the MLC at this pivotal event, earlier this month. Prof. Dr. Akram delivered a powerful keynote speech on "Unlocking the Potential of Islamic Wealth Management for Regional Prosperity." He emphasised how Singapore’s financial strengths like its advanced fintech ecosystem and regulatory excellence, could play a crucial role in expanding Shariah-compliant investment opportunities and promoting ethical finance. He also underlined the importance of transitioning from simply “Islamising” conventional financial products to innovating solutions that align fully with Shariah principles while fostering inclusivity and sustainability. During the panel session, Prof. Dr. Akram engaged in a thought-provoking discussion on the future of Islamic finance alongside Ustaz Mohd Kamal Mokhtar, Chairman of IFSG Shariah Consortium and Abdul Halim Abdul Rashid, Head of Islamic Wealth Management Maybank Singapore. One of his key messages was the need to move beyond adapting Islamic frameworks to conventional finance models. Instead, he called for a focus on creating authentic Islamic financial instruments that embody the principles of fairness, shared responsibility, and community benefit. This shift, he argued, is critical for driving long-term value and trust within the industry. SIFF 2024 provided a platform for exploring: 🎯 How Shariah-compliant fintech solutions can meet the demands of a tech-savvy and ethically conscious generation. 🎯 The opportunities for cross-border collaborations in sukuk, Islamic wealth management, and ESG-aligned investments. 🎯 The application of the Tayyib concept to advance sustainability and ethical practices in Islamic finance. We’re deeply grateful to the organisers, for inviting Prof. Dr. Akram to share his expertise at SIFF 2024, and for facilitating such impactful discussions. These moments remind us of the power of collaboration and shared vision in shaping the future of Islamic finance. SIFF 2024 was jointly organised by Islamic Finance Singapore (IFSG Ltd.), World Scientific Publishing, SMU Islamic Business and Finance Society (SMU IBFS) and in partnership with Maybank. Let’s continue pushing boundaries, fostering innovation, and building bridges across markets to unlock the true potential of Islamic finance for everyone. #MLC #IslamicFinance #Singapore #WealthManagement #Shariahprinciples #SustainableFinance #EthicalFinance #Innovation #RegionalCollaboration #SIFF2024

The Malaysian Takaful Association (MTA) recently celebrated 40 years of Takaful in Malaysia with the launch of the "Takaful Industry 40th Anniversary Report" and a transformative three-year initiative, Hijrah27. Building on four decades of progress, Hijrah27 aims to drive the next phase of Takaful growth through eight strategic pillars, including digital innovation and enhanced regulatory governance. This framework focuses on broadening public understanding of Takaful, extending its reach to underserved communities and micro, small, and medium enterprises (MSMEs) and enhancing professionalism among Takaful representatives while championing initiatives aligned with environmental, social and governance (ESG) principles. Deputy Governor Adnan Zaylani Zahid highlighted Hijrah27 as a pivotal roadmap inspired by the Prophet’s migration (Hijrah), symbolising the industry's journey towards stability and growth through resilience, mutual cooperation and innovation. MTA Chairman, Elmie Najas further emphasised the importance of aligning the industry with its foundational mission of inclusivity and growth, backed by the collaborative commitment of Takaful operators. Hijrah27 addresses 19 key challenges identified through industry stakeholder engagements, encompassing awareness, distribution, digitalisation, product competitiveness, talent development and ESG integration. This comprehensive approach ensures that Takaful remains a resilient, innovative and accessible sector that provides financial protection to a broader population. MLC stands in full support of MTA’s initiatives, including the Maqasid Shariah Scorecard (MSS) and the Post-Retirement Medical Takaful Scheme, both listed as MLC Impact Projects in our Position Paper. These efforts reflect a shared commitment to strengthening the Takaful industry and driving innovation and inclusivity in line with one of MLC’s Key Thrusts of "Building on the Shoulders" and Key Focus Area of "Strengthening Takaful." The growth and influence of Takaful in Malaysia’s financial ecosystem exemplify the power of ethical foundations and sustained dedication in shaping a more inclusive and sustainable future. Congratulations to MTA and all partners for their steadfast efforts in advancing the Takaful industry. Download the 40th Anniversary Special Report https://lnkd.in/gSbeGcNc Download the Hijrah27 Industry Roadmap https://lnkd.in/gvpmz82S #MLC #Hijrah27 #Takaful #IslamicFinance #InclusiveGrowth #Sustainability #Innovation #EthicalFinance # Photo credits: Bernama and The Malaysian Reserve 

In a move to solidify its cooperation with its Indonesian partner and promote its international agenda, the MIFC Leadership Council (MLC) Secretariat recently met with the Komite Nasional Ekonomi dan Keuangan Syariah (KNEKS) to continue exploring potential areas of collaboration between #Malaysia and #Indonesia. Discussions focused on key areas, including Islamic #socialfinance, human capital development, waqf-linked #sukuk, adoption of the #tayyib concept, #halal certification recognition, among others. Representing #MLC was Interim Head, Firdaus Suffian Abdul Latif with the Director for Islamic Economy Supporting Ecosystem, Assoc. Prof. Sutan Emir Hidayat, Ph.D. representing #KNEKS. A key body established by the Indonesian government, KNEKS is tasked with accelerating, expanding, and advancing the #Shariaheconomy and finance sector to support national economic resilience. This pivotal role makes KNEKS an essential partner for MLC in advancing #Islamicfinance initiatives. KNEKS is one of the international partners that signed Memorandums of Cooperation (MOC) with MLC during the Global Forum on Islamic Economics and Finance (GFIEF) in May 2024. The MOCs emphasise three broad areas such as product innovation, cross-border financial activities, and capacity building within Islamic finance. MLC also explored a potential tripartite collaboration with KNEKS and the Islamic Development Bank (IsDB), focusing on advancing Islamic social finance initiatives in Indonesia. This aligns with Indonesia’s strategy to integrate Islamic financial instruments into its development agenda, driving inclusive growth through #greenfinance and public-private partnerships. These meetings coincided with MLC's participation at the Indonesia Shariah Economic Festival 2024 (#ISEF2024) themed "Synergy of Sharia Economy and Finance in Strengthening Resilience and Sustainable Economic Growth," as well as the World Zakat & Waqf Forum 2024 (#WZWF2024), in Jakarta. Other side discussions held throughout the 5-day ISEF2024 include with Maybank Indonesia, CIMB Niaga Syariah, Lembaga Zakat Negeri Kedah, Yayasan Waqaf Malaysia (YWM), on areas related to Islamic banking and finance, #zakat and #waqaf in both Malaysia and Indonesia. We hope these efforts herald a new era of Islamic financial innovation, cross-border cooperation, and impactful social investments, further strengthening the Islamic finance corridor between our two leading economies. We extend our gratitude to KNEKS for their support and warm hospitality in Jakarta, and to all our partners who met with us despite their busy schedules. Thank you. Kudos to the ISEF 2024 and WZWF 2024 organisers for creating such a meaningful platform to drive these important conversations forward. KNEKS, Bank Indonesia, Ministry of Religious Affairs of Indonesia, Indonesian National Board of Zakat, Badan Amil Zakat Nasional (BAZNAS), Badan Wakaf Indonesia (BWI).

We had the opportunity to participate in insightful discussions at the 19th Kuala Lumpur Islamic Finance Forum (KLIFF) 2024, focusing on revitalising the economy through Islamic finance. The event reinforced Malaysia's leadership in this critical sector, emphasising innovation and sustainability. The Forum highlighted the need for Islamic finance to build on its rich heritage by driving sustainable and inclusive economic growth. It also emphasised embodying Maqasid Shariah, advancing value-based solutions and enhancing global integration. It underscored how Islamic finance can address societal and environmental priorities while maintaining ethical, transparent and inclusive practices. There were also highlights on Malaysia’s resilience and leadership in Islamic finance, reflected in strong economic recovery and impressive investment inflows. The topics spotlighted Malaysia’s role as a sustainable finance hub, the growth of sukuk as a cornerstone and the opportunity to align with the National Energy Transition Roadmap (NETR) to achieve net-zero targets. A presentation on the Islamic Finance Development Indicator (IFDI) 2024 provided a comprehensive overview of the global Islamic finance landscape. With assets nearing USD 5 trillion and continued growth in key sectors such as sukuk and Islamic banking, the insights emphasised Malaysia’s top-ranking position and the increasing integration of sustainability and innovation within the sector. We are grateful for the recognitions that were given to the MIFC Leadership Council (MLC) Position Paper as a valuable reference in advancing Malaysia’s Islamic finance development throughout the two-day forum. By fostering collaboration and driving innovation, we strive to strengthen Malaysia’s position as a global hub for Islamic finance. Download the MLC Position Paper here - https://bit.ly/451Rd71 #MLC #Islamicfinance #KLIFF #KLIFF2024 #IFDI2024 #Islamicbanking #Sustainability #Innovation 

Connecting with the #IsDB leadership at #FII8 in #Riyadh was a meaningful opportunity to discuss our mutual commitment to advancing Islamic finance. We look forward to turning this vision into impactful outcomes for the global Islamic finance community. Islamic Development Bank (IsDB) IsDB Center of Excellence Kuala Lumpur (KLCoE)

Last week, MLC had the honor of hosting a visit from a delegation from the Central Bank of The UAE and Islamic financial industry players, headed by Sheikh Dr. Ahmed Al Haddad, Chairman of the UAE Central Bank Higher Shariah Authority. During the meeting, MLC shared insights from our Position Paper, highlighting our strategic initiatives and commitment to advancing Islamic finance. The UAE delegation was particularly interested in learning more about Malaysia’s zakat and waqaf initiatives, including under MLC Key Focus Areas (MKFA) 4 and 5: Strengthening Waqf and Zakat. It was an engaging exchange of ideas and objectives, and we look forward to building on this discussion to generate impactful projects in the near future. We extend our gratitude to Sheikh Dr. Ahmed Al Haddad and his team for this productive session, and we’re optimistic about the potential collaborations that may arise. Download the full MLC Position Paper here: https://bit.ly/451Rd71 #MLC #IslamicFinance #InternationalEngagement #UAE #Collaboration #ShariahAuthority #PositionPaper

We are pleased to share that Tan Sri Azman Mokhtar, Chairman of the MIFC Leadership Council, will be delivering a keynote address at the Singapore Islamic Finance Forum (SIFF) 2024 themed 'Unlocking the Potential of Islamic Wealth Management for Regional Prosperity'. Don’t miss this opportunity to hear his views on the evolving landscape of Islamic finance and its potential to drive sustainable growth across the region. We encourage everyone to join and gain insights from key industry leaders at this important forum. For more information and to secure your seats, please visit the official SIFF 2024 page here https://lnkd.in/g2tni2gE #MLC #IslamicFinance #SIFF2024 Islamic Finance Singapore (IFSG Ltd.) | World Scientific Publishing | SMU Islamic Business and Finance Society (SMU IBFS) | Maybank

Exploring Economic Philosophies to Tackle Climate Change: Insights from Adam Smith and Ibn Khaldun. During a recent session at Panmure House in Edinburgh, the former home of economist Adam Smith, the MIFC Leadership Council (MLC), delved into the ways economic philosophy can inform our approach to climate change. At a session titled ‘Can Capitalism Fix the Climate? Perspectives from Adam Smith & Ibn Khaldun,’ MLC chairman, Tan Sri Azman Mokhtar shared insights from the works of Ibn Khaldun, focusing on his views on environmental stewardship and shared community responsibilities. Through the lens of Ibn Khaldun, an Arab sociologist, philosopher, and historian widely acknowledged to be one of the greatest social scientists of the Middle Ages, Tan Sri Azman shared the Islamic perspective on property as a trust and the concept of stewardship in Islamic thought. In a preceding session, Dr. Robbie Mochrie from Heriot-Watt University started of the discussion with an examination of Adam Smith's ideas about moral principles and the ethical creation of wealth within capitalism. He shared Smith's ideas on wealth as a dynamic concept, the importance of social development in economic thought, and the role of virtue ethics in economic behaviour. The conversation at Panmure House covered the dynamic relationship between wealth and social development, the balance between state and market forces, and the role of cultural innovation. These topics highlighted the continuing importance of applying historical economic and ethical concepts to contemporary environmental issues. Chaired by Dame Susan Rice, the session was more than just an academic discussion; it was an urgent call to examine how we can actively address climate change. By considering the human-centered perspectives of both Smith and Khaldun, both speakers questioned the long-term viability of our current economic models and discussed the need for a comprehensive approach to global challenges like climate change. As we consider the repeating patterns of history and the lessons they provide, the insights from these discussions emphasise the immediate need to translate historical economic wisdom into actionable responses to today's climate concerns. #MLC #Sustainability #ClimateChange #Innovation #EconomicThought #GlobalChallenges #Economics #Philosophy #AdamSmith #IbnKhaldun 

Official Launch of "Cash Waqf Project Hassan" – Advancing Islamic Finance for Socio-Economic Development. On October 3rd, 2024, the Cash Waqf Project Hassan was officially launched by DYMM Sultan Kedah, marking a significant step forward in Islamic finance and socio-economic reform. This initiative, a collaboration between MIFC Leadership Council, Lembaga Zakat Negeri Kedah, INCEIF University and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) member banks, exemplifies a harmonious 'jemaah' working towards building an inclusive financial ecosystem grounded in Islamic economic principles. As one of the 18 MLC Impact Projects (MIPs) outlined in the MLC Position Paper, Project Hassan aims to raise RM10 million in cash waqf. The funds will be directed toward modernising rice mills, ensuring food security and supporting local farmers. During the launch, 13 banking and corporate institutions contributed a total of RM3.18 million to Project Hassan. This project underscores MLC's commitment to 'Islah' (reform) through Islamic finance, with a strategic focus on fostering an equitable and sustainable future. Project Hassan is designed to address the 10 shifts for change and chart a path towards a prosperous and sustainable tomorrow. We invite everyone to join us in supporting this initiative, which will contribute to long-term socio-economic development. Your support for Project Hassan will not only help achieve its immediate goals but also lay the foundation for more groundbreaking efforts, advancing integrity and innovation within the Islamic finance sector. Together, we can make a formidable impact. For more information, please reach out to us. Together, we can make a meaningful impact. Insya-Allah. #MLC #MLCImpactProjects #ProjectHassan #CashWaqf #IslamicFinance #CommunityDevelopment #SustainableFuture 

MLC is pleased to have participated in this valuable exchange on Takaful and Islamic finance with the Uganda delegation from the Insurance Regulatory Authority of Uganda IRA UGANDA, led by their Chairperson, Dr. Isaac Nkote Nabeta. This session provided a unique opportunity to share Malaysia’s experience in the takaful sector, highlighting key initiatives under the MLC Impact Projects (MIP), driven by the Malaysian Takaful Association (MTA). 📌 MIP 11: Takaful Post-Retirement Medical Cover Project – an innovative solution addressing post-retirement medical coverage for pensioners. 📌 MIP 10: Maqasid Shariah Scorecard for VBIT (MSS) – a measurement tool designed to demonstrate and validate VBIT based on Maqasid al-Shariah. Thank you to ISRA International Consulting Sdn Bhd, IsDB Center of Excellence Kuala Lumpur (KLCoE) and INCEIF University for organising this session. We hope this marks the beginning of continued collaboration and knowledge sharing to foster inclusive growth in Islamic finance for all. #MLC #Takaful #IslamicFinance #ImpactProjects #FinancialInclusion #RetirementPlanning #SustainableFinance #MSScorecard