Sharifatul Hanizah Said Ali, executive director at Islamic Capital Market of the Securities Commission.
KUALA LUMPUR: Malaysia is in the process of forming an advisory committee to facilitate the launch of the Social Exchange pilot project by the end of 2024.
Executive director at Islamic Capital Market (ICM) of the Securities Commission (SC), Sharifatul Hanizah Said Ali, said the Social Exchange will further facilitate multiple stakeholders, mobilising public, private and philanthropic capital to meet the needs of underprivileged and directing it to areas of need.
The exchange is expected to be a dedicated fundraising platform for projects that will adderess social needs within the country.
“Reaching the last mile, be it for traditional or alternative products or aspirations in our sustainability agenda, requires innovative and wholesome ICM solutions that will cater to diverse needs, risk profiles, and goals.
“This will involve redefining risk-sharing and finding ways to make capital more accessible.
“The collaboration between the public, private, and social sectors will be crucial to making this a reality,” Sharifatul said in her keynote address at the IFN Investor Asia 2024 event yesterday.
The event was held with the theme “Building a Resilient and Innovative Islamic Capital Market for Global Impact”.
Prime Minister Datuk Seri Anwar Ibrahim announced the establishment of the Social Exchange in May, while the SC said it would develop a detailed framework for implementing the platform, especially regarding governance and assurance requirements, to ensure that funds raised will be used as intended. — Bernama
