Bursa Malaysia eyes Turkish market
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KUALA LUMPUR - Bursa Malaysia the Malaysian stock market operator, is looking to work with stock exchanges in Turkey and the Middle East to help develop their Islamic financial markets, its chief executive officer said yesterday.
"We will exchange information, share with them our experience and as we get to know their markets better, we hope that the products we develop, we can market to the investors there," said Yusli Mohamed Yusoff.
Last week, Bursa said it will develop with its South Korean counterpart an electronic platform to offer trading of Islamic commodity products. They would also develop the infrastructure for commodity murabaha instruments.
In a murabaha deal, a financier buys a commodity and sells it to the customer at a higher price, complying with Islam's ban on interest.
Yusli also said he expected a new exchange-traded Islamic fund to be launched next year. The fund will be launched by a fund manager, as yet unidentified, he said, adding Bursa will create an index for the fund, based on the plantation and oil and gas sectors. Islamic investments avoid interest-based financing in favor of a fair distribution of profits and losses and gains from ethical ventures.
Malaysia is stepping up efforts to attract investors who demand assets that comply with Islamic principles with an eye to becoming a global Islamic banking hub.