Financial Organisations in Malaysia
Bank Negara Malaysia (Central Bank of Malaysia)
Bank Negara Malaysia or BNM is the Central Bank of Malaysia. Established in 1959, it is the central financial agency which is responsible for managing all monetary and financial issues of the country. One of its most important role is to be the regulator for banking issues and policies while ensuring a sustainable growth for the Malaysian economy in all areas. Besides that, BNM is the agency responsible to maintain price stability in the economy and other issues that might affect the Malaysian ringgit in all aspects and global markets.
Malaysia International Islamic Financial Centre (MIFC)
The MIFC is part of the initiative by the Malaysian government to develop the growing Islamic finance market of the country. Supported by top agencies like Bank Negara and Bursa Malaysia, the MIFC works closely with major stakeholders like investment banks, lawyers Shariah scholars, academia and others to help in building a competitive Islamic Finance market for Malaysia. This covers all areas of efforts that cover policy input, legislation, talent and manpower and other prominent areas which are relevant in building platforms for the stakeholders to collaborate and cooperate effectiveness.
Credit Guarantee Corporation Malaysia Berhad (CGC)
CGC was established in 1972 where it plays a very prominent role in growing the country’s economic development agenda. Its developmental role is imperative in ensuring the growing of the SME (Small and Medium Enterprises) where it provides facilitation in terms of services and platforms for companies to secure financial assistance if required particularly from those who need them. Through CGC, its role includes providing guarantee schemes and other facets of credit and financial services that are constantly required with the growing demand of such services from the SME companies and businesses.
Export-Import Bank of Malaysia Berhad (Exim Bank)
The EXIM Bank was set up in 1995 which is tasked at promoting reverse investment and export of businesses in strategic sectors of Malaysia. It is a government-owned financial institution which is wholly operated by the Ministry of Finance Incorporated of Malaysia where it is involved in many types of initiatives that involve infrastructure projects, value-added manufactured goods and products while assisting businesses in these sectors to venture into new economies especially in markets that are non-traditional or conventional. As such, Exim Bank is very different from conventional banks which is more focused and specialized.
Labuan Financial Services Authority (LFSA)
Established in 1996, the LFSA is responsible for building and enhancing the economic development of the Labuan IBFC or International Business and Financial Centre in East Malaysia. The statutory body helps to promote the hub as an international centre for financial services of the world and to be the speaking voice in developing policies and other related issues pertaining to the financial services. This is carried out to ensure that Labuan has the capacity to offer services including regulation, licensing, legal and all related matters that will grow this market.