“If there is anything, the Council of Elders or anyone else needs to be briefed on in respect of the capital market, we are more than happy to do so,” he told reporters on the sidelines of the SC-World Bank-International Organisation of Securities Commissions (IOSCO) Conference yesterday.
The two-day conference, themed, “Harnessing Islamic Finance for a Green Future”, has attracted more than 200 industry practitioners, policy makers and experts in Islamic finance.
They will discuss the elements needed to further increase market adoption of Islamic finance for climate mitigation and adoption efforts.
Ranjit was responding to the meeting between Tun Daim Zainuddin, who heads the newly-formed Council of Elders, with representatives of government-linked investment companies (GLICs).
The meeting, held yesterday was attended by Permodalan Nasional Bhd, Retirement Fund Incorporated,Tabung Haji Group, Armed Forces Fund and the Employees Provident Fund.
Ranjit also explained that the domestic capital market would remain largely unaffected in the near term, reflecting the resilient market structure and sound market fundamentals.
“Over the medium term, we remain confident over the ability of the capital market to continue facilitating significant fundraising activities and providing ample investment opportunities, in anticipation of the positive impact of policies of the new administration,” he said.
He also said this was in alignment with an announcement on policies by newly-elected Prime Minister Tun Dr Mahathir Mohamad , which are deemed as pro-business and pro-capital market.
“Going forward, the SC will focus on maintaining market stability, as well as lift up the capital market to finance more economic activities,” he added.
Meanwhile, the World Bank’s acting country manager for Global Knowledge and Hub, Richard Record said the bank hoped the longstanding relationship with Malaysia will continue to improve with the new government in place.
“Malaysia has an advantage in terms of sukuk issuance and has been transiting from being a recipient of development finance (by World Bank) to a contributor to the development agenda and from a low income country to reach the status of an almost high income nation,” he added. — Bernama
Source: Borneo Post Online