Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, speaks during the launch of Bloomberg LP's ISLM
Bloomberg Professional service executives today announced the launch of a Bloomberg Islamic Finance Platform (ISLM), a comprehensive solution designed to increase transparency, better connect the community and provide analytical tools to maximise investment performance in the rapidly growing market for Shariah-compliant products and services.
Bloomberg also announced, in cooperation with the Association of Islamic Banking Institutions Malaysia (AIBIM), the launch of a Malaysian Ringgit (MYR) sukuk index to provide a benchmark for MYR sovereign sukuk investments.
"The Islamic marketplace is growing rapidly and there is high demand for a wide range of resources," Dan Doctoroff, President of Bloomberg L.P, said from Kuala Lumpur. “Bloomberg is delighted to increase its commitment to serve this dynamic market, where we have nearly 20 years of experience in reporting on Islamic financial news, in all regions and across multiple asset classes."
Gerard Francis, Bloomberg's Global Head of Emerging Markets and Islamic Finance, said: "Bloomberg's Islamic Finance Platform provides the most complete, customizable and innovative solution available today. ISLM has the broadest set of Islamic finance data, analytics and proprietary news, significantly increasing market transparency. ISLM will give investment professionals the edge they need to make informed decisions and meet the increasing demands of investors and regulators."
The new Bloomberg ISLM platform has extensive resources for investing in fixed income, equities and money markets that comply with Shariah including:
Sukuk - News coverage, analytics and search tools of more than 1,500 Islamic bond issues globally including fatwa endorsements and structured diagrams of the financial instruments. It also includes credit ratings and searchable data on Islamic loans globally.
Equities & Funds - Screening of over 35,000 Shariah-compliant stocks by prominent screening agencies. Database of more than 500 Islamic funds with ability to research and monitor debt, commodities, equities and exchange traded funds (ETFs).
Islamic Community Database - Providing full transparency into more than 250 Shariah scholars with details on which sukuk they have rated, boards they represent and their fatwa endorsements. Also included is a listing of more than 70 Islamic banks and profiles on all prominent Islamic institutions and regulators.
Regional specific content - Carrying the Malaysia International Islamic Financial Centre (MIFC) initiative's content, developed in collaboration with Bank Negara Malaysia and other MIFC community members; providing insights on Shariah, MIFC business opportunities and key developments; and listing the more than 90 community members for business connections.
The platform is integrated with the Bloomberg Professional service. It supports Bloomberg’s leading Order Management System (OMS) and Asset and Investment Management system (AIM).
The Bloomberg AIBIM Bursa Malaysia Sovereign Shariah Index (BMSSI) developed together with The Association of Islamic Banking Institutions Malaysia (AIBIM), provides a benchmark of performance for investors seeking exposure to Shariah-compliant Malaysian Ringgit-denominated Sovereign Issuances. The BMSSI will set a standard for increased transparency and provide performance measures for Islamic markets.
“The MYR sukuk index developed with Bloomberg will become the Islamic benchmark of choice for the Malaysian sukuk market and help stimulate the growth, competitiveness and sustainability of Islamic financial services,” says Dato’ Mohd Redza Shah Abdul Wahid, President, AIBIM. “With strategic partnerships and collaborative efforts, we can build an extensive and innovative leading-edge Islamic financial community that will succeed globally and enhance international presence for Islamic products and services.”
Sheikh Dr. Mohd Daud Bakar, Managing Director, Amanie Islamic Finance Consultancy and Education, said: “Islamic finance represents important growth opportunities, and through the full range of institutions and products available, contributes to the expansion and intensity of the financial markets. Islamic products and services present feasible and competitive alternatives to conventional methods of investment. They are increasingly popular as financing and investment tools.”
"We are delighted to provide a unique solution for our customers. Our product and service should not only benefit the existing Islamic finance community, but potential new players in this rapidly growing market," says UAE-based Max Linnington, Regional Head Middle East and Africa, Bloomberg.
The announcement was made at Bloomberg client event in Kuala Lumpur, where leading financial executives attended presentations and panel discussion with Shariah Scholars, Bloomberg Islamic Finance experts and Central Bank representatives.
The Association of Islamic Banking Institutions Malaysia (AIBIM) was established in 1995. AIBIM’s objectives, among others are to foster the establishment and the conduct of sound Islamic banking system and practices in Malaysia in cooperation and consultation with Bank Negara Malaysia or other domestic regulatory bodies, to promote and represent the interests of members, to promote Islamic banking related education and training programmes and to work in collaboration with other similar associations worldwide.