Syarikat Takaful, Jaycorp reprimanded

Business Times:BURSA Malaysia Securities Bhd yesterday publicly reprimanded two public listed companies for a deviation of more than 10 per cent between their unaudited and audited results for the fourth quarter.

Insurer Syarikat Takaful Malaysia Bhd reported an 18.2 per cent higher profit after tax and minority interest compared with its unaudited results for the quarter ended June 30 2008, while furniture- based Jaycorp Bhd announced a 37.9 per cent drop in audited profit compared to the unaudited numbers...Read More

New rules for sukuk on Bursa Malaysia

Bernama :Bursa Malaysia introduced new rules under the Listing Requirements for the listing of Islamic securities or sukuk, and debt securities on the Exchange.

Under the new framework, sukuk or debt securities denominated in ringgit and foreign currencies issued by local and international listed and non-listed entities will be allowed to be listed on the Exchange.

The requirements under the framework are also comparable with practices in other exchanges that provide similar listing facilities, and applications for listing will be approved within one day by the Exchange.

Bursa Malaysia Bhd's Chief Executive Officer, Datuk Yusli Mohamed Yusoff said in a statement that the listing of these instruments, both sukuk and debt securities, would enhance transparency for investors and offer valuable profiling opportunities for issuers of the instruments.

The move also illustrates Bursa Malaysia's commitment to further position the Malaysian Islamic capital market as a premier Islamic investment hub in tandem with the Malaysia International Islamic Financial Centre (MIFC)'s initiatives to push the country's Islamic capital market standing on the global map.

To encourage issuers to list such instruments on the Exchange, listing fees for sukuk or debt securities listed under this framework before 2010 will be waived.

Bursa Malaysia's Islamic Capital Market Conference 2008 To Explore Potential Growth Opportunities

Bursa Malaysia will be playing host to top international scholars, Islamic investment banking professionals and international capital market captains at its inaugural Malaysia Islamic Capital Market Conference 2008, which will be held on 18 and 19 June in Kuala Lumpur.

This conference is poised to promote the Malaysian and global Islamic Capital Market (ICM), elevate the relevance of Shariah-compliant products and services, as well as highlight key growth areas and prospects in ICM.

The Prime Minister of Malaysia Dato’ Seri Abdullah Ahmad Badawi and Chairman of Securities Commission Malaysia Dato’ Zarinah Anwar will be delivering the keynote addresses at the Malaysia Islamic Capital Market Conference 2008. This conference will focus on growth opportunities in ICM that include Islamic equities, derivatives, structured products and fund management.

Notable presenters and panelists consisting of experts in this arena, such as Sheikh Ali Elgari and Sheikh Nedham Yaqoobi, will discuss their experiences, challenges, successes, views and strategies towards the further development of ICM globally.

Dato’ Yusli Mohamed Yusoff, Chief Executive Officer of Bursa Malaysia said, “Malaysia has carved a strong reputation as a pioneer in Islamic finance. We are home to one of the world’s largest sukuk markets and well-known as an innovator of Islamic products such as the world’s first Islamic REIT, which is listed on our stock exchange.

Our strong and comprehensive Shariah framework as well as our ability to tap funds from other Islamic countries, especially from the Gulf Cooperation Council (GCC), puts us in good stead as a forerunner in the ICM.

“The exchange’s equities market which comprises of 85% Shariah-compliant listed stocks cements our appeal to investors who are looking for sound Shariah-compliant investments. Issuers, in particular, should leverage on this potential and develop more products that can fulfill the demand from investors who are seeking returns from ethical investments,” added Dato’ Yusli.

This conference, which is endorsed by the Malaysia International Islamic Finance Centre (MIFC), is expected to attract 300 delegates and will provide a platform for all attendees to gain an insight into the outlook of Malaysia and global economies as it embraces Shariah-compliant products and services.

Sponsored by CIMB Islamic, BNP Paribas Najmah, OSK Investment Bank, AmanahRaya-JMF Asset Management, BIMB Securities Sdn. Bhd. and i-VCAP Management, this event will also offer delegates the opportunity to network and develop relationships with local and international market players in the industry.

Key discussion topics at the Malaysia Islamic Capital Market Conference 2008 will revolve around Islamic equities, Islamic REITs, Sukuk, ETF, Commodity House and Islamic hedge funds.

Details of the conference are available at http://www.bursamalaysia.com. This event is exclusively for invited guests and paying delegates only.