Friday, August 6, 2010

Bursa Suq Al-Sila' gets MOSTI's Islamic Innovation Award

KUALA LUMPUR:'' Bursa Suq Al-Sila' has been conferred the inaugural 'Islamic Innovation Award' by the Ministry of Science, TECHNOLOGY [] and Innovation (MOSTI) for being the first Shari'ah compliant trading platform to facilitate Islamic financing worldwide.

Under the Muamalat Financial Management System Innovative Product category, the award was given by MOSTI to this commodity financing platform in conjunction with the Islamic Innovation Carnival (IICC).

The award was presented by the Deputy Prime Minister of Malaysia, Tan Sri Muhyiddin Yassin in Putrajaya on Thursday night, Aug 5.

BURSA MALAYSIA BHD [] chief executive officer Datuk Yusli Mohamed Yusoff said the recognition by MOSTI further cemented its commitment in making Bursa Suq Al-Sila' the choice platform for financial institutions seeking financing and liquidity management tools.

'We are appreciative of MOSTI for being instrumental in promoting Malaysia as a progressive Islamic investment centre.

'This has given greater impetus to us in advancing further in the Islamic finance sector,' he said.

Yusli also said the award was timely as Prime Minister Datuk Seri Najib Razak called for greater development of innovative products and new discoveries in Islamic affairs which will in turn strengthen Malaysia as a model Islamic nation.

Bursa Suq Al-Sila' was selected as the frontrunner in the category of innovation for this award as it is the world's first end-to-end Shari'ah compliant commodity trading platform, designed to facilitate commodity-based Islamic financing and investment transactions under the Shari'ah principles of Murabahah, Tawarruq and Musawwamah.

Bursa Suq Al-Sila' was also recognised for its contribution towards the Islamic economic development of the country.
This award marked Bursa Suq Al Sila's continuous achievement since its inception a year ago.

This platform was earlier given the 'Most Outstanding Islamic Finance Product' recognition at the KLIFF Islamic Finance Awards in 2009 and recently bagged the 'Market Innovation' award by The Asset Triple A magazine.

Bursa Suq Al-Sila' is the first initiative of its kind in the world encompassing a hybrid market providing participants a choice between participating in the exchange through the traditional voice broking system or the faster automated electronic exchange system which is web-based. Crude palm oil is used as the launch commodity and this will expand to other Shari'ah approved commodities such as tin, coal and aluminium in the near future.

To date, it has registered 23 commodity trading participants locally, across Europe and in the Gulf Cooperation Council (GCC) markets.

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