Speaker: Dato’ Mohammad Faiz Azmi, Chairman, Securities Commission Malaysia
Location: EQ Kuala Lumpur Delivered: 22 April 2026
Mr. Andrew Morgan and Mr. Andrew Tebbutt, Islamic Finance News,
Prof. Emeritus Datuk Dr. Osman Bakar, Rector, IIUM,
Datuk datuk,
Distinguished guests,
Ladies and gentlemen
Assalamualaikum warahmatullahi wabarakatuh and good evening.
To the organisers, Red Money, IFN, thank you once again for the honour bestowed, alongside many luminaries of Islamic finance. On behalf of the Securities Commission Malaysia (SC), we are honoured for this recognition as Best Regulator in Promoting Islamic Finance, and for the third year running.
As they say, it takes a village to raise a child. Therefore, this award is also recognition of the contributions of our ecosystem partners, in particular, our industry participants’ commitment to the growth of Islamic finance.
Last year’s event reminded me just how much talent and passion exists within this industry. It also comes with a deep responsibility. For Islamic finance, our purpose and the expectations to be met must extend beyond recognition and accolades.
Today, global Islamic finance assets stand close to US$6 trillion and set to continue on an upward trajectory. Assets are projected to reach US$9.7 trillion by 2029, representing a CAGR of 10 percent.
Domestically, our Islamic Capital Market (ICM) has grown to RM2.7 trillion, accounting for more than 60 percent of the Malaysian capital market’s size. It validates decades of conviction that a system rooted in justice, equity and shared prosperity is not only sound, but viable. But we must ask ourselves, is growth alone a sufficient metric? As an industry, are we meeting our social obligations?
Today, geopolitical tensions have ramifications beyond the Middle East conflict and are no longer distant headlines. We are facing disruptions to food security, energy markets, supply chains and livelihoods.
Here in Malaysia, rising pump prices serve as a reminder that no economy is completely insulated. Beyond our shores, the potential impact will be severe. An estimated 318 million people across 68 countries already face acute food insecurity this year. This number is set to worsen. A further 45 million will go hungry should the ongoing conflict last until mid-2026. In such situations, food security is at risk and requires more coordinated supply chains.
Energy security is no less vulnerable. With roughly 25 to 30 percent of global oil and 20 percent of liquefied natural gas passing through the Strait of Hormuz, any disruption drives up costs for import-dependent economies across Asia and Europe.
These challenges are a test for all of us. More so for an industry which has an underlying responsibility to value human dignity and social benefits above all.
Ladies and gentlemen,
The question before us is do we have the conviction to act as demanded by our values? Islamic finance - with its emphasis on real economic activities, social purpose and shared risk - must respond in the affirmative. Imagine the possibilities should we choose to harness Islamic social finance collectively, purposefully and at scale for these challenges.
For the SC, our Islamic Capital Market (ICM) agenda continues to be guided by Maqasid al-Shariah. This is not a framework for compliance. It is a call to purpose. It compels us to uphold justice, protect the vulnerable, promote good and avoid harm. We have embedded these objectives at the heart of our Capital Market Masterplan (2026-2030) with the aim of embodying them in every transaction, innovation and decision we make.
Under the Masterplan, Malaysia's ICM will transition from product-centric to ethics-driven leadership. The objective is to be a global reference point for finance that is just, transparent and purposeful. Maqasid al-Shariah and Halal Toyyib embodies virtues that is not merely permissible, but good, pure and wholesome.
By positioning Malaysia as a hub for ethics-driven finance, this appeals not only to Muslim investors but also to a global audience seeking ethical, sustainable and socially responsible investments. In doing so, our industry will be better equipped to support societal well-being and provide market-based solutions for inclusive and sustainable growth.
There are also other pressing challenges ahead – from income inequality and post-retirement security to the accelerating impact of climate change. While the Masterplan addresses the next five years, we are looking ahead to 2045, and the kind of capital market Malaysia will need.
It entails broadening access to new investor segments, issuers and capital pools. It also includes strengthening our capital market’s positioning with foreign listings and regionally-focused Exchange Traded Funds (ETFs), while continuing to emphasise good governance across both Islamic and conventional segments.
In conclusion, let tonight be more than a celebration of what we have achieved. Let it be a renewal of what we stand for. In times of uncertainty, it is not enough to weather the storm. We must be the ones to extend a helping hand, including to the many communities affected by conflicts. This is at the heart of our purpose and I am confident Islamic finance will rise to meet this call.
Before I take my leave, allow me to share one last thought:
The Prophet, peace be upon him, said: "Allah loves that when one of you performs a deed, he does it with Itqan." – meaning with excellence and full commitment. That is what tonight's honourees represent, and it is a standard we must strive to uphold.
To every winner and nominee, I look forward to celebrating with you and more importantly, to continuing our purpose and conversations.
Thank you, and I hope you enjoy the rest of the evening.
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.
