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| Source: Bank Negara Malaysia. Tan Sri Dr Zeti Akhtar Aziz (second from left) receiving the Royal Award for Islamic Finance from HRH Sultan Nazrin Muizzuddin Shah (centre), the Sultan of Perak and the Royal Patron for Malaysia's Islamic finance. |
HRH Sultan Nazrin Muizzuddin Shah, the Sultan of Perak and the Royal Patron for Malaysia’s Islamic finance initiative has conferred the Royal Award for Islamic Finance 2018 to Tan Sri Dr Zeti Akhtar Aziz, currently part of the Council of Eminent Persons advising the Malaysian government, on the sidelines of the Global Islamic Finance Forum 2018 (GIFF 2018) in Kuala Lumpur, Malaysia.
Dr Zeti was honoured with the award for her achievements and exceptional leadership in expanding the frontiers of Islamic finance in the domestic and global financial arena. During her tenure as the Governor of Bank Negara Malaysia - the central bank of Malaysia - from 2000 to 2016, she was instrumental in:
Influencing the internationalisation of Islamic finance industry and strengthening the linkages of the domestic Islamic financial system with other financial centres in the international financial system.
This was achieved via development of the domestic financial markets, greater liberalisation of the domestic Islamic financial system and advocating Islamic finance into the global financial arena;
Mainstreaming Islamic finance into the global financial system with growing international acceptability and recognition.
This has been supported by the establishment of international standard setting body and liquidity management infrastructure which have gained global recognition; and
Harnessing professional and competent talent through the development of a comprehensive talent ecosystem for Islamic finance.
This encompasses the establishment of the global university for Islamic finance (INCEIF) and a dedicated Shariah research academy for Islamic finance (ISRA).
“It is my distinct honour to be the recipient of the Royal Award for Islamic Finance 2018. It has been my privilege to be part of the journey in the global development of Islamic finance. This honour however represents a recognition to all those who have travelled with me on this remarkable journey. I am truly most humbled to receive this award on their behalf.
"The Islamic financial industry has experienced a pace of growth and development that has been unprecedented over this recent three decades. It has also been dynamic and evolving to meet the rapidly changing requirements of the modern economy. As we continue this journey, we now need to venture into new frontiers towards bringing greater value to the economy, to society and to the environment,” said Tan Sri Dr Zeti.
Jury Chairman Tun Musa Hitam said, “The jury went through a very stringent and rigorous selection process on the merits and achievements of each nominee before arriving at a final decision. Widely recognised for her role in the global advancement of Islamic finance, Tan Sri Dr Zeti’s contribution, dedication and leadership in the development of Islamic finance industry serves as an inspiration for the next generation.”
Established in 2010, the Royal Award is a biennial award jointly organised by Bank Negara Malaysia and the Securities Commission Malaysia under the Malaysia International Islamic Financial Centre (MIFC) initiative to recognise and honour individuals who have excelled in advancing Islamic finance globally through their outstanding contributions and achievements. Securities Commission Malaysia is the sole regulatory agency for the regulation and development of capital markets.
Past Royal Award recipients include Professor Datuk Dr Rifaat Ahmed Abdel Karim, CEO of the Capital Market Authority of Sudan (2016); Dato’ Dr. Abdul Halim Ismail, founding member of Malaysia’s first Islamic bank (2014); Iqbal Khan, CEO of Fajr Capital (2012); and Shaikh Saleh Abdullah Kamel, founder of the Dallah al Baraka Group (2010). The Royal Award also recognised the late Dr. Ahmad El-Naggar with a posthumous honourable mention in 2010. El-Naggar is often named the Father of Modern Islamic Banking.
Since its introduction more than 30 years ago, Islamic finance in Malaysia has developed into a sophisticated Islamic finance marketplace. The marketplace is characterised by a regulatory, supervisory, shari'ah and legal framework, a deep primary market and active secondary sukuk market, and diverse players with global capabilities. Malaysia's Islamic finance marketplace is open to global industry players and market participants and is served by the MIFC community, comprising the financial institutions, professional firms, regulators and government agencies.
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