The Securities Commission of Malaysia (SC) senior executive director Dato Dr Nik Ramlah Mahmood has been named the “Most Outstanding Person for Contribution to Islamic Finance” by the Kuala Lumpur Islamic Finance Forum 2007 (KLIFF).
This is the first time that KLIFF is presenting the award to an individual in recognition of the person’s contribution to the Islamic finance industry. The 4th annual KLIFF Islamic Finance Awards honour and appreciate efforts of institutions and organisations that have contributed significantly to develop the Islamic finance industry.
Dato Dr Nik Ramlah received the award from Second Finance Minister of Malaysia, Tan Sri Nor Mohamed Yakcop at the KLIFF gala dinner and award presentation ceremony held on 20 November 2007 in Kuala Lumpur.
“I am deeply honoured to receive this award which is also recognition of the SC’s efforts to develop the Malaysian Islamic financial market,” said Dato Dr Nik Ramlah.
This latest award is timely as just last week, the SC was acknowledged as the “Best Regulator for Islamic Funds” for outstanding achievement in the global Islamic funds industry at the inaugural Master of Islamic Funds Awards in Dubai.
Dato Dr Nik Ramlah who has been at the forefront of Islamic capital market development for over a decade was selected from amongst other leading players in the Malaysian Islamic finance circle based on her significant role in developing the Malaysian Islamic capital market (ICM), outstanding leadership qualities, professional achievements and contribution related to the activities of Islamic finance.
Her appointment as the SC’s director of policy and development in 1998 marked her foray into the ICM arena, which was at its nascent stages in Malaysia at that time. Under her stewardship, the SC’s ICM function evolved from a small unit into a full-fledged department, with a dedicated, professional and highly-qualified team that is respected by the market and by fellow regulators.
Dato Dr Nik Ramlah and her team, guided by the visionary leadership of the SC chairmen through the years, have made a mark for Malaysia on the ICM map with the introduction of the world’s first guidelines for Islamic securities and REITs. These guidelines have paved the way for the phenomenal development of the sukuk market and world’s first listed Islamic REITs, among others.
Currently, as the SC’s senior executive director for strategy and development, she leads the ICM Department in pursuing the Capital Market Masterplan (CMP) recommendations and the Malaysia International Islamic Finance Centre (MIFC) initiatives, relating to the Islamic capital market. Dato Dr Nik Ramlah is also responsible for strategy and research, market development, economics and risk management.
“Moving forward, we will continue to develop a comprehensive and facilitative regulatory approach, leveraging on Malaysia’s lead role in the development of the ICM amongst the international financial community, that will further promote and accelerate the growth of a competitive and thriving Islamic financial market both in Malaysia and globally,” she added.
Dato Dr Nik Ramlah was also selected for the award based on her significant presence in the local and international market platform as a highly-respected and much sought-after speaker, moderator and innovator in the Islamic finance circuit.
Given her past experience in academia, Dato Dr Nik Ramlah is currently involved with numerous capital market and finance-related training institutions. She is a Director of the training and education arm of the SC, the Securities Industry Development Corporation (SIDC). She is a member of the Professional Development Panel of International Centre for Education in Islamic Finance (INCEIF) as well as the Training and Education Advisory Council of Islamic Banking and Finance Institute Malaysia (IBFIM). She also sits on Bursa Malaysia’s Islamic Capital Market Consultative Panel.
The award was jointly organised by the Centre for Research and Training (CERT) together with the host, Halal Industry Development Corporation, in collaboration with Dow Jones Islamic Market Indexes, the International Institute of Islamic Finance and Messrs Hisham, Sobri & Kadir.
KLIFF is an annual forum organised by CERT, serving as an avenue for industry experts ranging from regulatory authorities, Shariah scholars, bankers, legal practitioners, Takaful operators, consultants and academicians to share their views and experiences in developing Islamic finance around the globe.