iFinance offers financial solutions for businesses
Focus Malaysia | 14 Jan 2019 15:34
The Islamic Finance Rendezvous Series (IFRS) 2019 held at Eastin Hotel, Pulau Pinang today received a notable participation from more than 200 Multi-National Companies (MNCs) and Small Medium Enterprises (SMEs). IFRS was organised to offer suitable financial solutions, provide greater insights and understanding on Islamic financial products and services. The event was officiated by the Chief Minister of Penang, YAB Tuan Chow Kon Yeow.
In his remarks, the Chief Minister of Penang highlighted that the Penang State Government recognises the important role of Islamic banks in Malaysia in supporting businesses including SMEs through the wide–ranging offerings of financial products and services such as term financing, trade financing, overdraft and revolving credit. YAB Chief Minister added that events like IFRS can be the catalyst to fostering the synergy between businesses and the Islamic financial institutions to seize greater growth opportunities.
IFRS is jointly organised by the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), the Malaysian Takaful Association (MTA) and Bank Negara Malaysia (BNM). Other dignitaries who attended the event include YB Dato’ Haji Abdul Halim Haji Hussain, Penang EXCO of International and Domestic Trade, Consumer Affairs and Entrepreneur Development, Assistant Governor of Bank Negara Malaysia, Adnan Zaylani Mohamad Zahid, AIBIM’s President, Dato Adissadikin Ali and MTA’s Chairman, Muhammad Fikri Mohamad Rawi. Various programmes were lined-up during the event such as panel discussion, knowledge sharing and business matching sessions. More than 25 exhibitors proudly showcased their products and services.
Assistant Governor Adnan Zaylani in his Welcoming Remarks, emphasised that “the practice of Islamic finance is not and should not be exclusive to Muslims. Many of its underlying ideas, the pursuit of economic justice and risk sharing align with traditional and conventional economic thinking. Mutual insurance companies derive from risk sharing, limited purpose banking which moves away from interest-based or fractional banking, equity financing are all ideas consistent with Islamic finance principles, and are practised across the world without any reference to the religion. Indeed, Islamic finance is for all.”
There were more than 300 business matching sessions available during the event which served as a platform for engagement on solutions for financial and protection needs, as well as for the wellbeing of the businesses.
The Association of Islamic Banking Institutions Malaysia (AIBIM) was established in 1996 as the Association of Interest Free Banking Institutions Malaysia. Currently, AIBIM has 26 member banks. The organisation promotes sound Islamic banking system and practice in Malaysia; represents interest of members locally and abroad; provides advice and assistance to members pertinent in the development on Islamic banking and finance at local, regional and global level; coordinates human capital development initiatives, and promotes public awareness.
Malaysian Takaful Industry: At a glance
Malaysian Takaful Association (MTA) was established on November 2002 under the Societies Act 1966. It is a trade association representing all 17 licensed Takaful and Retakaful operators in the country. The objectives and the powers of MTA are to promote the interests of its members and to lead and supervise the exercise of self-regulation within the Takaful industry. The current Family Takaful penetration rate is at 15% with 4.86 million certificates in force.
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