New MIFC Advisory Panel to Drive Malaysia’s Global Islamic Finance Ambitions
PETALING JAYA: Malaysia has strengthened its ambition to remain a global leader in Islamic finance with the establishment of the MIFC Advisory Panel (MAP), a new strategic body tasked with accelerating industry growth and expanding the country’s international footprint.
The creation of MAP marks a deeper collaboration between Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC), which will jointly chair the panel and coordinate efforts to shape the future direction of Malaysia’s Islamic finance ecosystem.
The advisory body brings together government agencies, regulators, financial institutions and prominent industry leaders to ensure that policies and initiatives are aligned with the country’s long-term economic goals and global market developments.
At its inaugural meeting yesterday, MAP focused on strategies to reinforce Malaysia’s standing as a premier Islamic finance marketplace and a preferred gateway for international Islamic financial activities.
Among the key issues discussed was the role of the panel in refining the strategic priorities of the MIFC Business Network (MBN), an industry-led platform responsible for identifying new business opportunities and expanding Malaysia’s reach in overseas markets.
The panel is expected to ensure that industry-driven initiatives receive sufficient support and remain aligned with broader national economic strategies.
In addition, MAP will serve as a forum to identify challenges facing the Islamic finance sector and propose measures to address obstacles that may hinder future growth.
The advisory body is also expected to strengthen cross-border collaboration and enhance Malaysia’s international engagement by leveraging the collective expertise and networks of its members.
Institutions represented on MAP include the Ministry of Finance, the Ministry of Investment, Trade and Industry, Bursa Malaysia, the Employees Provident Fund (EPF) and Khazanah Nasional Berhad.
Other members include the Retirement Fund Incorporated (KWAP), Permodalan Nasional Berhad (PNB), Lembaga Tabung Haji and the Labuan Financial Services Authority.
The panel is further strengthened by the inclusion of two of Malaysia’s most prominent corporate figures, Tan Sri Azman Mokhtar and Tan Sri Abdul Wahid Omar, whose experience is expected to contribute significantly to the country’s Islamic finance agenda.
The establishment of MAP also coincides with a major governance shift within MIFC following the integration of the MIFC Leadership Council (MLC) into the MIFC Business Network.
The transition reflects a broader strategy to place industry players at the forefront of innovation and business development while maintaining strong support from regulators and the public sector.
MBN will now take the lead in implementing strategic priorities and exploring new business opportunities capable of enhancing Malaysia’s competitiveness in the global Islamic finance market.
Analysts believe the move comes at an opportune time as competition among international Islamic finance centres continues to intensify.
Backed by a mature financial ecosystem, experienced institutions and supportive government policies, Malaysia remains well positioned to strengthen its role as a leading hub for Shariah-compliant financial products and services.
The new advisory panel is expected to serve as a key catalyst in achieving that goal by providing strategic guidance and fostering stronger collaboration across the industry, ultimately contributing to sustainable economic growth and greater global influence.
