Muhammad bin Ibrahim: The way forward for development financial institutions Opening address by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Global Symposium on Development Financial Institutions “The Way Forward for Development Financial Institutions”, Kuala Lumpur, 19 September 2017. * * * Selamat datang” and a very warm welcome. Thank you for the opportunity to speak today at this important gathering to discuss the way forward for development financial institutions. In 2012, the music video “Gangnam Style” by Korean pop artist PSY took the world by storm. Being the first video to record more than 1 billion YouTube views, its infectious dance moves have become universally recognised, transcending borders and social status. The video marked the beginning of the rise of the Korean cultural phenomenon known as Korean Wave or “Hallyu”, a new growth area for its economy. Today, the export of Korean culture content, including films and music, is estimated at USD83.2 billion. In under a decade, the sector grew to contribute 0.7% to South Korea’s GDP in 2011, supported over 67,000 jobs and generated USD3.3 billion in tax revenues. This extraordinary rise of the Korean Wave can be attributed to the growth of investment in the creative industry. The industry was boosted by the government’s strategy to prioritise the sector as an engine of growth after the Asian Financial Crisis. The Korean government had earmarked 1% of the national budget for development financial institutions to kickstart the sector.
Mohd Razif bin Abd Kadir: Islamic financial services industry – developments in Malaysia Speech by Mr Mohd Razif bin Abd Kadir, Deputy Governor of the Central Bank of Malaysia, at the Signing Ceremony of Memorandum of Participation for Commodity Murabahah House, Kuala Lumpur, 28 July 2009. *  *  *  It is my great pleasure to be here today at the Signing Ceremony of Memorandum of Participation for Commodity Murabahah House (CMH). This event, jointly hosted by Bank Negara Malaysia and Bursa Malaysia, marks another milestone in the development of the Islamic financial services industry. This pioneering effort, mooted about two years ago, is a collaborative initiative of Bank Negara Malaysia, Securities Commission of Malaysia (SC), Bursa Malaysia and the market players under the MIFC initiative. CMH, which is scheduled to be launched in mid-August, is a purposefully designed exchanged-traded platform to facilitate commodity murabahah transactions. It is the first internet based platform in the world with crude palm oil (CPO) as its underlying base commodity. I am also pleased to note here that CMH has received the endorsement of the Ministry of Plantation Industries and Commodities and is supported by the Malaysian Palm Oil Board (MPOB), Malaysian Palm Oil Association (MPOA) and Malaysian Palm Oil Council (MPOC) as well as the CPO industry players. CMH will provide another dimension to the already robust liquidity management infrastructure of the Islamic banking industry in Malaysia; thus providing market players with greater tools to manage their assets and liabilities.