The Ministry of Science, Technology and Innovation (MOSTI) conferred the inaugural ‘Islamic
Innovation Award’ to Bursa Suq Al-Sila’ for being the first Shari’ah compliant trading platform to
facilitate Islamic financing worldwide. Under the Muamalat Financial Management System Innovative
Product category, the award was given by MOSTI to this commodity financing platform in conjunction
with the Islamic Innovation Carnival (IIC). The award was presented by the Deputy Prime Minister of
Malaysia, Tan Sri Muhyiddin Yassin in Putrajaya last night.
Dato’ Yusli Mohamed Yusoff, Chief Executive Officer of Bursa Malaysia said, “We are honoured
to have this innovative platform recognised as it further cements our commitment in making Bursa
Suq Al-Sila’ the choice platform for financial institutions seeking financing and liquidity
management tools. We are appreciative of MOSTI for being instrumental in promoting Malaysia as a
progressive Islamic investment centre. This has given greater impetus to us in advancing further in
the Islamic finance sector.”
This achievement is timely in view with the Prime Minister’s call for greater development of
innovative products and new discoveries in the field of Islamic affairs which will in turn
strengthen Malaysia as a model Islamic nation. Bursa Suq Al-Sila’ was selected as the frontrunner
in the category of innovation for this award as it is the world’s first end-to-end Shari’ah
compliant commodity trading platform, designed to facilitate commodity-based Islamic financing and
investment transactions under the Shari’ah principles of Murabahah, Tawarruq and Musawwamah. Bursa
Suq Al-Sila’ was also recognised for its contribution towards the Islamic economic development of
the country.
This award marked Bursa Suq Al Sila’s continuous achievement since its inception a year ago.
This platform was earlier given the ‘Most Outstanding Islamic Finance Product’ recognition at the
KLIFF Islamic Finance Awards in 2009 and recently bagged the ‘Market Innovation’ award by The Asset
Triple A magazine.
Bursa Suq Al-Sila’ is the first initiative of its kind in the world encompassing a hybrid
market providing participants a choice between participating in the exchange through the
traditional voice broking system or the faster automated electronic exchange system which is
web-based. Crude palm oil is used as the launch commodity and this will expand to other Shari’ah
approved commodities such as tin, coal and aluminium in the near future. To date, it has registered
23 Commodity Trading Participants locally, across Europe and in the Gulf Cooperation Council (GCC)
markets.
FTSE Mondo Visione Exchanges Index:
Bursa Suq Al-Sila’ Receives ‘Islamic Innovation Award’ By MOSTI - This Award Marks The Platform’s Third Achievement In A Year
Date 06/08/2010