MALAYSIA DEBT VENTURES SIGNS MEMORANDUM OF UNDERSTANDING WITH ASTANA INTERNATIONAL FINANCIAL CENTRE

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MALAYSIA DEBT VENTURES SIGNS MEMORANDUM OF UNDERSTANDING WITH ASTANA INTERNATIONAL FINANCIAL CENTRE

MoU Signed During Launch of Green Financing Week at Malaysia Pavilion

17 JULY 2017, Astana, Kazakhstan - Malaysia Debt Ventures Berhad (MDV), Malaysia’s leading technology financier, today signed a Memorandum of Understanding (MoU) with Astana International Financial Centre (AIFC) to foster development and sharing of expertise in the field of Islamic and Green Finance.

The MOU will see both parties cooperating in strengthening mutual efforts in building the Islamic and Green Finance ecosystem of both countries. This includes developing Islamic and Green Finance markets through AIFC and MDV platforms, organising joint professional educational and training programmes, conferences, research and publications, as well as strengthening financial market functions and competitiveness of both parties.

The MoU signing was conducted between Datuk Md Zubir Ansori Yahaya, Managing Director and Chief Executive Officer of MDV, and Sayasat Nuberek, Managing Director and Member of the Executive Board of AIFC. It was witnessed by Alibek Nurbekov, Director of Islamic Finance Department at AIFC and His Excellency Syed Mohamad Bakri Syed Abdul Rahman, Ambassador of Malaysia to the Republic of Kazakhstan.

The MoU was signed at the launch of the Green Financing Week to be held at the Malaysia Pavilion from 17 to 21 July. The availability of funding is important to encourage and enable the private sector to undertake green projects and adopt green technologies, hence, Malaysia is sharing its experience in green financing, including Islamic financing, at EXPO 2017.

MDV has funded more than USD200 million (RM857 million) worth of syariah financing in green technology projects, ranging from solar farms, mini hydro, biomass, and biogas.

Datuk Md Zubir Ansori Yahaya, Managing Director and Chief Executive Officer of MDV, said: “Our collaboration with Astana International Financial Centre will start off with a focus on increasing strength in syariah financing. As such, we are excited to be bringing our expertise in this area, particularly for green projects, to the table.

Alibek Nurbekov, Director of Islamic Finance Department at AIFC, said: “We started the journey of developing Islamic finance in 2009, but up till today, our Islamic finance assets only account for 1% of total banking assets. Comparatively, Malaysia’s Islamic banking assets account for close to 30%. Malaysia is a good role model for us, especially since Kazakhstan is a young country and we do not have the experience that Malaysia possesses.”

Tuan Syed Ahmad Syed Mustafa, CEO of GreenTech Catalyst (a subsidiary of Malaysian Green Technology Corporation), said: “Malaysia’s financial institutions are leading the way for syariah-principled green growth innovations to further extend opportunities for green infrastructure projects. We hope to impart our expertise in Islamic and Green Financing to Kazakhstan as it aspires to become a financial hub in the Central Asian region.”

Activities for the week will include discussion on green finance as well as a business matching session, to catalyse the transition to a green, low-emissions and climate resilient global economy.

After the launch, Tuan Syed Ahmad Syed Mustafa delivered a talk on Green Financing for Sustainable Development. On 18 July, the World Bank together with Securities Commission of Malaysia will talk on the Islamic Capital Market and Malaysia’s experience in issuance of green sukuk to finance infrastructure projects including energy related ones. Currently, Malaysia is the largest sukuk issuer in the world, accounting for around 67% of global sukuk issuances.

Meanwhile, on 19 July, Malaysia Debt Ventures will deliver a talk on “Islamic Financing on Infrastructure – The Venture Debt Approach”, while a panel discussion on “Green Financing: Syariah Compliance Capital Market” will ensue moderated by GreenTech Catalyst with panelists from Malaysia Debt Ventures, Securities Commission of Malaysia and the World Bank.

On 20 July, the AIFC, the Scientific Research and Education Centre “Green Academy”, and Al Hilal Bank will participate in a talk on financing opportunities in Kazakhstan, followed by a talk on Islamic and Green Financing by Hong Leong Islamic Bank.

The final day will focus on financing facilities and systems with EXIM Bank Malaysia speaking on “Cross Border Financing Facilities”, and University Tenaga Nasional (UNITEN) on “Green Waqf Financing Evaluation System”. A panel session on Islamic Financing for Green Growth will be moderated by GreenTech Catalyst with panelists from EXIM Bank Malaysia, Hong Leong Islamic Bank, and Masdar Institute, UAE.

The Green Financing Week is part of the Malaysia Pavilion's weekly-themed Business Programme organised throughout the thirteen weeks of EXPO 2017.

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