27 March 2007 — DFSA enters into Memorandum of Understanding with Bank Negara Malaysia
Kuala Lumpur, Malaysia, 27 March, 2007: The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding (MoU) with Bank Negara Malaysia (BNM), the country’s Central Bank, committing both parties to the further development of international Islamic Finance markets.
The MoU was signed by the Chief Executive of the DFSA, David Knott, and the Deputy Governor of Bank Negara, Datuk Zamani Abdul Ghani. The signing coincided with a visit to Kuala Lumpur by Mr. Knott and his participation in the Global Islamic Finance Forum.
Mr. Knott said: “The DFSA has today announced two highly significant joint initiatives with Malaysian authorities that will contribute to the future growth of international Islamic Finance markets.
“The first initiative with the Securities Commission, Malaysia has cut regulatory red tape for the distribution of Islamic funds in the Dubai International Financial Centre (DIFC) and Malaysia. This will make it easier for investors to access products from both jurisdictions.
“The second initiative to work constructively with Bank Negara in developing international Islamic finance markets will exploit the experience and skills that both Dubai and Malaysia have established as leaders in their respective regions. The DFSA is confident that these new relationships will enhance the DIFC’s reputation as a centre of excellence for Islamic Finance in the Middle East”, added Mr. Knott.