KUALA LUMPUR: The capital markets involving equity, bond and sukuk, currently stand at about RM4.3 trillion, larger than banking assets, according to the Securities Commission (SC) chairman Datuk Mohammad Faiz Azmi.
Hence, the capital markets will be more relevant to the provision of capital going forward, he said at the conferment award by the Chartered Institute of Islamic Finance Professionals (CIIF) recently.
Mohammad Faiz was recognised with CIIF's honorary chartered member award.
He said the SC has started focusing on Maqasid al-Shariah principles, with the aim of extending the impact beyond the finance industry to the community as a whole.
The Maqadid al-Shariah focuses on preserving key aspects such as faith, life, wealth, lineage and intellect.
Recognising CIIF's role, Mohammad Faiz said the professional body continues to make a difference and helps the development of the Islamic professional, adding that he supports the widening of its scope more to the capital markets.
"The fast-growing world of Islamic finance needs more leaders who embody the principles of Maqasid al-Shariah with the determination and drive to innovate and make meaningful impact," he added.