Kuala Lumpur, 3 June 2010

Malaysia Launches Global Search for Most Outstanding Contributor to Islamic Finance
Spearheaded by the Malaysia International Islamic Financial Centre (MIFC) initiative, Malaysia today launched a global search to recognise and honour the outstanding contribution of an exceptional individual in Islamic finance.

Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and Chairman of the MIFC Executive Committee (ExCo) said: “Inspired by universal ethical principles and driven by the real value propositions that it contributes to the economy that is appreciated by all, Islamic finance has become one of the fastest growing segments in international finance. It is timely for Malaysia to recognise individuals who have contributed towards shaping the global Islamic finance.”

A special taskforce, headed by the Securities Commission Malaysia Chairman Zarinah Anwar, has been established to spearhead the implementation of this effort. “We hope in time this award will be regarded as a global benchmark in identifying the exceptional individuals who have inspired the development of Islamic finance worldwide,” Zarinah said.

Unlike the commercial awards that are based on deals, this award is unique as it focuses on the individuals’ record of achievement and outstanding contribution towards the development and advancement of Islamic finance globally. The selection process of this award will be rigorous and based on an independent international jury, chaired by the former Malaysian Deputy Prime Minister and Chairman of the World Islamic Economic Forum Foundation Musa Hitam, to select the deserving individual.

Zarinah said the 7-member jury was carefully selected and they comprise eminent individuals, Shariah scholars, academicians and Islamic finance practitioners from Asia, Europe, the Middle East and the United States. Besides Musa Hitam, the jury consists of:

  • Abdul Hamid Mohamad, former Chief Justice of the Federal Court of Malaysia and member of the Shariah Advisory Council of Bank Negara Malaysia and Securities Commission Malaysia
  • Professor Dr. Volker Nienhaus, former President of University of Marburg in Germany
  • Professor Dr. Abbas Mirakhor, former Executive Director of the IMF and Holder of the First INCEIF Chair in Islamic finance (2010)
  • Dr. Mohamed Ali Elgari, Professor of Islamic Economics at King Abdul Aziz University in Saudi Arabia
  • A. Riawan Amin, Chairman of the Indonesian Association of Islamic Banks
  • Dr. Yahia Abdul-Rahman, Founder, Chairman and CEO of LARIBA Bank of Whittier, USA

With immediate effect, nominations from the global finance community can be made via the website www.mifc.com/award. The closing date for nominations is 15 July 2010.

For Media Enquiries

Securities Commission Malaysia
Corporate Affairs Department
Abdul Jalil Hamid / Tel: +603 6204 8931
Suresh Krishnan / Tel: +603 6204 8758
Fax: +603 6201 5078
E-mail: cau@seccom.com.my

For Enquiries on Nominations

IFA Secretariat
Badlishah Bashah / Tel: +603 6204 8373
Fax: +603 6201 5082
E-mail: IFA_Secretariat@seccom.com.my