It has been reported that the second phase of the financial services masterplan, primarily aimed at measures to support a high-value economy has been estimated to be ready by June 2011.
“We want to enhance the capacity of the financial system to best serve a high-value, high-income society.The measures will cover banking, insurance, money and foreign markets as well as Islamic finance,'' said Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz at a press conference to launch the Bank Negara annual report 2010.
“We want to develop a vibrant international Islamic financial centre with vibrant linkages with the region and the world,'' she added. “We also want Malaysia to be a centre for thought leadership in Islamic finance."
“We want to be sustainable and increase international and regional financial integration,'' said Zeti.
The upcoming financial masterplan is likely to include a revised insitutional arrangement for ensuring financial stability within the country of Malaysia who is doing unprecedently well in the Islamic financial sector. The launching of the second phase of the financial services masterplan follows the successful implementation of the earlier 10-year plan which had mapped out the key developments starting from 2000.
Zeti further stated that, "We are pleased that within nine years, more than 90% of the recommendations have been implemented".
On the setting up of mega Islamic banks, Zeti said yesterday an announcement would be made soon as all the final submissions on matters related to business plans and senior management were made.
She also stressed on the current threshold of 30% foreign ownership in banking institutions, “There should be a core of domestic banks in our financial system,'' she said. “From time to time, we may consider (applications for increased stake by foreigners) but these are rare occasions".
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