SC AIMS FOR COLLABORATION AGREEMENTS ON ISLAMIC FINANCE WITH FOREIGN

KUALA LUMPUR, Nov 9 (Bernama) -- Malaysia's Securities Commission is in
talks with foreign counterparts and jurisdictions to sign collaboration
agreements to further promote Islamic finance initiatives, Chairman Zarinah
Anwar said Monday.

Citing the Mutual Recognition Agreement it signed with the Securities and
Futures Commission Hong Kong (SFC) on the Development of Islamic Capital Market
and Islamic Collective Investment Schemes, Zarinah said SC has made a lot of
effort to develop Islamic finance under the Malaysia International Islamic
Financial Centre (MIFC) agenda.

"We signed a similar agreement with the Dubai Financial Services Authority
several years ago and we are discussing with other jurisdictions to make similar
arrangements but this is still in progress.

"The signing of today's agreement with Hong Kong is just one of the steps
we are taking in Islamic Finance," she told reporters after the signing
ceremony with SFC.

Zarinah said the SC has been doing a lot of marketing campaigns and
roadshows worldwide to promote Islamic Finance and as part of the liberalisation
efforts by Malaysia, the government has also liberalised the fund management
industry.

She said currently there are eight 100 per cent-owned foreign fund
management firms operating in Malaysia.

The local fund management industry is one of the fastest-growing segment of
Malaysia's capital market, developing at 24 per cent per annum, she said.

"Various efforts have been put in place and we will continue these
initiatives to grow the market and internationalise them," she added.
-- BERNAMA