Written by Chong Jin Hun
Monday, 09 November 2009 14:16
KUALA LUMPUR : Malaysia's Securities Commission (SC) is pursuing more strategic collaborations with global capital market regulators to expand the market base for local Islamic finance products.
SC chairman Tan Sri Zarinah Anwar said talks on potential mutual recognition agreements (MRA) with policymakers of major international financial hubs were on-going to enable Islamic financial services providers to cross sell their products with minimal regulatory intervention.
" We are in fact discussing with other jurisdictions to sign similar arrangements with them but this is still work in progress," Zarinah said on Monday, Nov 9.
"As regulators, we can only build the regulatory brdge between our two markets. The onus is now on our intermediaries to quickly seize the opportunities that have now been made available to them," added Zarinah.
She was speaking to reporters after signing a mutual recognition agreement with the Securities and Futures Commisssion of Hong Kong (SFC).