THE ROYAL AWARD FOR ISLAMIC FINANCE
The Royal Award for Islamic Finance recognises individuals who have excelled in advancing Islamic finance globally through their outstanding contribution and achievement. The Award is unique as it focuses on the individual's personal contribution and its impact towards the development and advancement of Islamic finance, not on commercial achievements.
This Royal Award is jointly organized by the Securities Commission Malaysia and Bank Negara Malaysia, under the Malaysia International Islamic Financial Centre (MIFC) initiative. The Royal Award is given out once every two years, and the inaugural Award was presented in 2010.
The selection of the Award recipient will be made by an international jury, comprising eminent individuals, Shariah scholars, academicians and finance practitioners. The Royal Award comes with a medallion, a certificate of recognition and USD250,000 cash award.
This Royal Award is jointly organized by the Securities Commission Malaysia and Bank Negara Malaysia, under the Malaysia International Islamic Financial Centre (MIFC) initiative. The Royal Award is given out once every two years, and the inaugural Award was presented in 2010.
The selection of the Award recipient will be made by an international jury, comprising eminent individuals, Shariah scholars, academicians and finance practitioners. The Royal Award comes with a medallion, a certificate of recognition and USD250,000 cash award.
THE ROYAL AWARD FOR ISLAMIC FINANCE LOGO
A diamond shape is commonly used in Arabic calligraphy, to form the main graphic element of the logo.
The five diamonds represent the five pillars of Islam as well as the principles of Islam as well as principles of Islamic finance: good governance, transparency, fairness, faith and risk-sharing.
The five diamonds are laid out to form a circle bringing forth the values of unity and symmetry of Islamic design, creating a balance between the modern and financial world and its ties to Islamic heritage.
The five diamonds represent the five pillars of Islam as well as the principles of Islam as well as principles of Islamic finance: good governance, transparency, fairness, faith and risk-sharing.
The five diamonds are laid out to form a circle bringing forth the values of unity and symmetry of Islamic design, creating a balance between the modern and financial world and its ties to Islamic heritage.
THE AWARD – MEDALLION
The Royal Award for Islamic Finance honours the exceptional individual for his outstanding contribution to the advancement of Islamic finance globally.
Made entirely in 916 gold, the medallion is exclusively crafted by Royal Selangor, the renowned Malaysian brand with 125 years of heritage. The intrinsic value has historically been used by early civilizations for trade and commerce.
The obverse of the medallion bears The Royal Award logo while the Malaysia International Islamic Financial Centre (MIFC) initiative and ‘Shaping Islamic Finance Together’ logos appear on the reverse. The medallion measures 70mm in diameter with a thickness of 2.5mm.
The medallion is kept timeless to symbolize perpetual recognition of the recipients.
THE AWARD - CERTIFICATE OF RECOGNITION
The Certificate of Recognition for The Royal Award for Islamic Finance is made entirely of pewter embellished in 24K gold and encased in a solid merbau wood box.
Exclusively crafted by Royal Selangor, it bears the name of the recipient and the year of the Award as well as the royal endorsement of His Majesty, the King of Malaysia.
The MIFC initiative comprises a community network of the country’s financial and market regulators, including Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia, Labuan Financial Services Authority and Bursa Malaysia (Kuala Lumpur Stock Exchange), Government ministries and agencies together with industry participation from the banking, takaful, re-takaful, capital market institutions, human capital development institutions and professional ancillary services companies which are participating and working collaboratively in Islamic finance.
Malaysia welcomes industry practitioners to conduct international business in Islamic finance through out the country, while enjoying attractive incentives in a business-friendly environment. As a destination for financial investment, Malaysia offers a platform and a gateway for global Shariah-compliant investment opportunities via the MIFC initiative. Malaysia’s wide range of international financial institutions offers extensive expertise and an array of products in Islamic finance. Business connections to each segment of our Shariah-compliant financial industry, with attractive value-propositions and opportunities, are available for global institutions, talents, investors and issuers.
The MIFC Executive Committee (ExCo) comprises a high-level group of officials from key Government ministries, and agencies; financial and market regulators and financial institutions. It aims to review/provide policy direction towards ensuring the efficient coordination and effective implementation of the MIFC initiative.
For more information on the MIFC initiative, please visit www.mifc.com.
Bank Negara Malaysia (BNM) was established in 1959, under the Central Bank of Malaysia Act 1958 (Revised in 2009). The central bank is principally entrusted to uphold monetary and financial stability and maintain oversight over the payments system in the country.
Over the years, BNM has significantly contributed to the development of a comprehensive, efficient and resilient financial sector that has been able to meet the increasingly sophisticated needs of consumers and businesses. Malaysia’s financial sector now distinctively encompasses both the conventional and Islamic financial services.
Focusing in Islamic finance where Malaysia has a comparative advantage, BNM has taken the lead in promoting Malaysia as an International Islamic Financial Centre. Within this initiative, BNM approves licences for the establishment of International Islamic Banks and International Takaful Operators as well as focusing on institutional building, including the establishment of the International Centre for Education in Islamic Finance (INCEIF) and International Shari’ah Research Academy for Islamic Finance (ISRA) in promoting training, education and research to advance the talent development for the Islamic financial services industry. Meanwhile, the BNM Shariah Advisory Council ascertains applications of Shariah principles on Islamic financial services by providers under the purview of BNM and acts as an advisor to BNM on Shariah matters on such services.
Log on to www.bnm.gov.my for more information.
Securities Commission Malaysia (SC), established under the Securities Commission Act 1993, is a statutory body that reports to the Minister of Finance, Malaysia.
The SC has direct responsibility for supervising and monitoring the activities of market institutions including the exchanges and clearing houses, as well as all persons licensed under the Capital Markets and Services Act 2007. Underpinning these functions is the ultimate aim of protecting investors. SC is also responsible to promote and develop securities and derivatives markets in Malaysia.
The SC spearheads the development of the Malaysian Islamic capital market (ICM) by establishing a Shariah Advisory Council (SAC) to advise on matters relating to Islamic capital market activities and products. Over the years, the SC has built a comprehensive and facilitative framework for Islamic funds and wealth
management. In addition, the SC has been driving product innovation in the Islamic equity and sukuk (Islamic bond) sectors; on top of promoting education, training, consultancy and research for the ICM.
Log on to www.sc.com.my for more information.
| THE MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) INITIATIVE |  |
The Malaysia International Islamic Financial Centre (MIFC) initiative was launched in 2006 to position Malaysia as the international hub of Islamic finance; a meeting place for those with surplus funds and those seeking to raise funds, from anywhere in the world. Malaysia also serves as an epicentre for innovation and thought leadership in Islamic finance.
The MIFC initiative comprises a community network of the country’s financial and market regulators, including Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia, Labuan Financial Services Authority and Bursa Malaysia (Kuala Lumpur Stock Exchange), Government ministries and agencies together with industry participation from the banking, takaful, re-takaful, capital market institutions, human capital development institutions and professional ancillary services companies which are participating and working collaboratively in Islamic finance.
Malaysia welcomes industry practitioners to conduct international business in Islamic finance through out the country, while enjoying attractive incentives in a business-friendly environment. As a destination for financial investment, Malaysia offers a platform and a gateway for global Shariah-compliant investment opportunities via the MIFC initiative. Malaysia’s wide range of international financial institutions offers extensive expertise and an array of products in Islamic finance. Business connections to each segment of our Shariah-compliant financial industry, with attractive value-propositions and opportunities, are available for global institutions, talents, investors and issuers.
The MIFC Executive Committee (ExCo) comprises a high-level group of officials from key Government ministries, and agencies; financial and market regulators and financial institutions. It aims to review/provide policy direction towards ensuring the efficient coordination and effective implementation of the MIFC initiative.
For more information on the MIFC initiative, please visit www.mifc.com.
| BANK NEGARA MALAYSIA (CENTRAL BANK OF MALAYSIA) |  |
Over the years, BNM has significantly contributed to the development of a comprehensive, efficient and resilient financial sector that has been able to meet the increasingly sophisticated needs of consumers and businesses. Malaysia’s financial sector now distinctively encompasses both the conventional and Islamic financial services.
Focusing in Islamic finance where Malaysia has a comparative advantage, BNM has taken the lead in promoting Malaysia as an International Islamic Financial Centre. Within this initiative, BNM approves licences for the establishment of International Islamic Banks and International Takaful Operators as well as focusing on institutional building, including the establishment of the International Centre for Education in Islamic Finance (INCEIF) and International Shari’ah Research Academy for Islamic Finance (ISRA) in promoting training, education and research to advance the talent development for the Islamic financial services industry. Meanwhile, the BNM Shariah Advisory Council ascertains applications of Shariah principles on Islamic financial services by providers under the purview of BNM and acts as an advisor to BNM on Shariah matters on such services.
Log on to www.bnm.gov.my for more information.
| SECURITIES COMMISSION MALAYSIA |  |
Securities Commission Malaysia (SC), established under the Securities Commission Act 1993, is a statutory body that reports to the Minister of Finance, Malaysia.
The SC has direct responsibility for supervising and monitoring the activities of market institutions including the exchanges and clearing houses, as well as all persons licensed under the Capital Markets and Services Act 2007. Underpinning these functions is the ultimate aim of protecting investors. SC is also responsible to promote and develop securities and derivatives markets in Malaysia.
The SC spearheads the development of the Malaysian Islamic capital market (ICM) by establishing a Shariah Advisory Council (SAC) to advise on matters relating to Islamic capital market activities and products. Over the years, the SC has built a comprehensive and facilitative framework for Islamic funds and wealth
management. In addition, the SC has been driving product innovation in the Islamic equity and sukuk (Islamic bond) sectors; on top of promoting education, training, consultancy and research for the ICM.
Log on to www.sc.com.my for more information.
