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Bursa Malaysia Berhad (“Bursa Malaysia”) was named ‘Best Islamic Finance Facilitation Platform Asia 2016’ and ‘Best Islamic Exchange Asia 2016’ by the Global Banking & Finance Review in recognition of the double digit growth of its Shariah-compliant commodity trading platform, Bursa Suq Al Sila’ (BSAS) since its inception in 2009.
This is the second consecutive year that the Exchange has received the award for Best Islamic Finance Facilitation Platform Asia. BSAS had also in 2015 received two other awards for its outstanding performance, which included ‘Best Islamic Exchange 2015’ by the Global Islamic Finance Awards and ‘Best Interbroker for Islamic Transactions 2015’ in the 10th Islamic Finance News Service Providers Poll.
Datuk Seri Tajuddin Atan, Chief Executive Officer of Bursa Malaysia said, “Bursa Malaysia is proud to be recognised for two consecutive years by the international finance community for the performance of our BSAS global commodity murabahah trading platform. The consistent double digit growth is testament to its wider acceptance and increasing investor confidence in the BSAS platform. We will continue to remain focused on efforts to increase the breadth and depth of our Shariah-compliant products and services for both institutional and retail investors.”
BSAS platform saw ADV grow 121% to RM15.2 billion in 2015 which can be attributed to increased acceptance and demand from the domestic and international participants especially in the MENA and Asia regions. The strong growth in BSAS trading was mainly driven by the conversion of bank deposits from Mudharabah to Murabahah contracts and the growing interest in tenor-based pricing introduced in January 2015. BSAS has been recognised as a platform with the capacity to undertake small to large commodity trading in various major currencies; made possible by the availability of a large supply of physical commodities.
