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1
???? ??? ??????? ??????? ?????????
??????? ???? ??? ????? ????? ??? ??? ?????
???????? ?????? ??????? ??????? ????????? 25
?????? 2008 ????????? ??? ????????? ??????
?????? ???????
2
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3
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4
5
??? ??????? ??????? ?? ??? ?????? ?????? ??????
????????
?????? ????????? ???? ??????? (?????? 2008) RM1.4
trillion
?????? ????? RM282.1 bn (47.3)
????? ? ????????? ?????? RM770.5bn (56.4)
??????? RM596.8 bn (43.6)
?????? ???? ? RM314.7 bn (52.7)

???? ?????? ???????? RM1.1trillion ( ???? ??
??? ?? ? 2007 )
5
6
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??????? ???????? ????? ??????? (Clearing House)

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6
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9
???? ?????? ??????? ??????? ????????? ?? ?????
???? ??? 1993
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10
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10
11
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12
??? ??????? ?????? ??? ??????? ??????? ?????????
??? ????? ?????? ????? ???????????? ???????? ????
??????? ??????? ????????? ?? ????? 2001 ? ?????
????? 152????? ???? 11????? ??? ??? ???????
???????
??? ?????? ??? ??????? ??? ???????? ????
???? ? ?????? ??????? ??????? ?????????
?????? ???????? ??????? ????????? Corporate
Governance ??? ??????? ??????? ?????????
??????????? ???????? ??????????? ???? ???
????????
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??????? ???????
??????? ??????
???? ?? ????? ??????? ????? ???????? ?????? ????
???? ?????? ???????? ??????? ?? ????? ?????
???? ???
????? ??????? ? ??????? ? ????????? ??????? ?
???? ?? ????? ???????? ???????? ???? ????? ????
??????? ????? ???????? (2005- 2006)

2006
2010
2004
2005
2001
2003
2007
2009
2008
  • 13. ????? ???? ???? ???????? ???????? ???? ??
    ???? ??????? ????? ?? ???? ???? ????????
    ????????

13
??? ??????? ??????? ?????????
???? ???? ??????? ??????? ????????? ??? ?? ???
???? ???? ???? ???????? ????????? ?????? ????????
?????????
  • ?????? ??????? ????????? ????
  • ????? ??????? ?? ?????
  • ????? ?? ???? ????? ?? ?????? ??????? ??? ?????
  • ????? ?????? ?? ????????
  • ????? ????? ?? ??? ?? ????? ?? ???? ????? ????

13
14
????? ??? ??????? ??????? ????????? ???? ???? ??
?????? ?????? ????????
??? ?????? ?????? ????????? ???? ????? ???????
????? ????? ??? ???? ??? RM200 billion (US62
bil) ??? ??? 1990 ????? ??? ( RM1.4 trillion
(US438 bil ?? ?????? 2008
??? ??????? ??????? ????????? RM 641.7 billion
(US200 billion)
?????? ??? ??????? ??????? RM 1.4 trillion
?????? ?????? M770.5 bn (56.4)
??????? ??????? RM596.8 bn (43.6)
???? RM156.7 bn (24.4)
?????? ????????? RM485 bn (75.6)
???? ?????? ??????? RM1.1 trillion (US343 bil)


???? ?? ??? ??? 2007
14
15
  • ??? ???????? ???????? ?????
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15
16
??? ??????? ??????? ????????? ????? ????? ??????
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    ???????? ????? ????? ??????
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    ????? ???????
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    ????????? ????? ????????? ????? ??? ???? ?????

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16
17
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  • ??????? ??????? ETF

?????? ??????? ???????
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17
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18
19
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???? ???? ??????????? , ??????? , ???????
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??????? ?????????
19
20
?? ??????? ?????? ?? ????? ?????? ??? ??????
????????
  • ????? ????? ???? ??? 2004
  • ????? ????? ????? ???????? ?????? ???????
    ???????? ??? 2005
  • ????? ????? ????? ???????? ?????? ???????? ???
    2007
  • ????? ??????? ?????? ?? ?????? ?????? ??? 2008

???? ????? ??????? ??????? ?????????
  • ????? ???? ????????? ?????? ??? ????? ??????
  • ????? ?????????? ???????? ??????? ??? ?????
    ???????? ??????? ????? ?????
  • ??????? ?????? ?????? ??????? ?? ???????

?????? ??????
20
21
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???????? ????????
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  • ???? (10) ?????
  • ??????? ???????? ?????? ?? ??????? ??????
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  • ??????? ?????????? ?? ??????
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    ???????? ???????
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22
??? ??????? ?????? ??????? ??????? ?????????
  • ??? ???? ???????? ??????? ??????? ?? ??????
  • ????? ??? ??? ?????? ? ???? ??? ??????

23
?????? ?????? ?????? ???? ?? ????? ???????
??????? ?????????
????? ????? ????? ?????? ??????? ??????? ???????
????? ?????? ???? ????? ?? ???? ?????????? ??
???? ??? ???????? ???????
?????? ????????? ??????? ??????
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    ???????? ???????? ???? ?????? ??????
  • ????? ?? ????? ?????? ???????

??????? ?? ??????? ?????? ????? ?????? ???????
????????? ?? ???? ??????? ??????? ????????? ??
???????
24
  • ??? ??????? ??????? ?????????
  • ????????

24
25
??? ?????? ???????
?????? ??????? ??????? ?? ????? ??????? ?????????
  • 85?? ???? ??????? ?????
  • ????? ????? ????? RM485.03 bil (US152 bil) ??
    62.95?? ?????? ????? ?????
  • FTSE - ?????? ??????? ????????? ??????? ??? ????
    ?????? ??????? ???? ???
  • FBM EMAS Shariah
  • FBM HIJRAH Shariah

85
15
????? ????? ????? ?????? ????????? (RM bln) ?????? ????? ?????
2000 247.49 54.74
2001 285.50 59.23
2002 290.42 57.55
2003 391.12 57.70
2004 457.32 59.93
2005 439.77 63.25
2006 548.42 64.62
2007 705.05 63.74
Sep-2008 485.03 62.95
25
26
  • ???? ????? ?????? ??????? ???? ??? ???????
    ????????? ???????
  • ????? ??????? ?????? ?????? ?????? ????? ???????
    ??????????? ?????????
  • ????? ?? ????? ????? ???????? ??????
  • ????? ?????? ??????
  • ??????? ??????? ??????????? ?????????
  • ??????? ????????? ?????? ???????
  • ??????? ??????? ????????? ???????
  • ??????? ??????? ETF

27
????? ???????? ?????? ?????? ?????????
?????? ???????? ????? 2007 2008
??? ?????? ???????? ????? (???????? ?????? ???? ?????? ??????? ) RM135.8 bln RM 156.7 bln
???? ?????? ???????? ????? ?? ?????? ??????? ???????? ????? 56.0 55.6
?????? ??? ?????? ???? ?????? ?????? ??????? ????? 2007 2008
??? ?????? 59 34
??? ?????? RM121.30 bln RM 23.60 bln
??? ?????? ??????? ???? ??? ???????? ????? RM158.80 bln RM 90.03 bln
???? ??? ?????? ?? ?????? ??????? ???? ??? ???????? ????? 76.4 26.2
??? ?????? ???? ??? ???????? ????? ????? ???
??????? ??????? ?? ??? 2008
  • ???? ?????? ???? ??? ???????? ????? RM23.6 bil
    ?? 30 ?????? , ????? 26.2 ?? ?????? ??????? ????
    ??? ???????? ?????
  • ?????? ??? ?????? ?? ? ?????? ?? , 64.2, ????
    ??? ????????


28
?????? ??????? ??? ???? ?????????? ??????????
????????
  • US166mil East Cameron Gas Sukuk- ???? ??? ????
    ??????? ???? ?????? ????? ?????????? ?? ???????
  • US3.5bil Dubai Ports Sukuk ???? ???
    US11.4bn (50)??? ?? ?????????? ??????????
  • Saxony-Anhalt Sukuk 100mil - ???? ??????????
    ????????
  • US600mil ?? ???? ??????? ???????? 51 ?? ???
    ?????? , 30 ?? ???? , 15 ?? ?????? ? 4 ??
    ???????? ????????? ???????
  • US700mil ???? ????? ???????? 48 ?? ????????
    ????????
  • US500mil ???? ????? ???????? ??????? 70
    ???????? ????????

?????? Bloomberg, Aseambankers
28
29
- ????? ???????? ?????? ????????
????? ????????
???? ?????????? ?????? ????? ?? ??????????
????????? ???????? ?? ??? ???????? ????
????? ???????? ?????? ????????
???? ??????? ??? ??????? ??????? ??????? ??
?????? ??????? ?????? ??????? ????????? ???
29
30
??? ????? ?????? ?? ????? ???????? ?????? ????????
TOOLS
I N T E R M E D I A R I E S
E X P E R T I S E
SHARIAH-COMPLIANT STOCKS


SHARIAH-INVESTMENTS Sukuk Islamic Money Market

INDICES FTSE Bursa Malaysia EMAS Shariah Index
and Dow Jones-RHB Islamic Index
30
31
Various Type of Shariah-Based Unit Trust Funds
Balanced funds Have three objectives income,
moderate capital appreciation and capital
preservation. Invest across a broad spread of
asset categories including shares, fixed income
securities and cash. Well-diversified and
suitable for investors looking for reasonably
safe investments where the risks are lower and
which produce average returns. Islamic Bond
funds Invest only in fixed income securities
such as bonds and short-term money-market
instruments. All bond funds are subject to
interest rate risk and most to credit or default
risk of the issuers. Equity funds invests
exclusively or primarily in equity investments,
typically common stocks. Such funds are typically
held either in stock or cash, as opposed to
bonds, notes, or other securities Capital growth
funds Invest primarily in shares with the view
to maximise capital growth over the long-term
(i.e. through a higher unit price). Appeal to
high-risk investors keen on capital accumulation.
Index funds Invest in a basket of shares that
tracks a selected stock market index.
31
32
????? ???????? ?????? ????????
  • Average return of 31 for Islamic funds
    (outperformed conventional funds)

Source Morningstar fund Table The Edge Malaysia
25 August 2008
As at end July-2008
33
????? ???????? ?????? ???????(REIT)
  • ???? ????? ???????? ?????? ????????
  • ???? ?????????? ??????? ?????? ????? ??
    ?????????? ????????? ???? ????????? ???? ??
    ????????
  • ????? ????? ????? ???????? ????? ???????? ???
    ????? ????? ?? ?????? ?????? ??????? ????? ??
    ??????????

33
34
????? ????? ???????? ?????? ???????
  • ???? ??????? ???????
  • ??????? ?????? ???????
  • ??? ??????? ?????? ?????? ?? ????? ?? 90 ??
    ?????????
  • ?????? ?????? ?? ?????????
  • ???????? ??????? ??????????? ????????
  • ?????? ????? ???? ??????? ??????? ?????? ???????
    ?? ????? ???????
  • Scaleable investment vehicle
  • More scaleable compared to property investment
    companies
  • ????? ????????
  • ????? ????????? ?????? ??? ??? ???????? ??????
    ????????? ????????

34
35
Islamic ETF
  • Essentially a unit trust fund that is listed and
    traded on an exchange
  • Performance objective is to closely track
    performance of underlying benchmark or index
  • Malaysia launched the Asias first Shariah
    compliant Exchange Traded Fund (ETF) in January
    2008
  • The fund, known as MyETF Dow Jones Islamic Market
    Malaysia Titan 25 (MyETF-DJIM25)
  • It has an initial authorized fund size of 10
    billion units, representing a basket of
    securities designed to track the performance of
    the Benchmark Index namely the Dow Jones Islamic
    Market Malaysia Titan 25 (DJIM25)
  • The DJIM25 is a market capitalization weighted
    and free-float adjusted index consisting of 25
    Shariah-compliant securities of companies listed
    on Bursa Securities
  • Currently, MyETF-DJIM25 is the largest
    Shariah-compliant ETF in the world (NAV US220
    million)

36
????? ????? ??????? ??????? ???????? ?? ???????
  • ???? ?????? ????? ??????? ??????? ????????
    ??????? 100
  • ???? ???????? 100 ???????? ????????? ?? ??????
    ???? ??????
  • ????? ?? ???? ????? ???? ???? ????? ??????????
    ???????? ??? ?????? ????? ????????? ?????????
  • ????? ?? ????? ????? ?? ???? ?????? ???????? ???
    ????? ??????? ???????? ??? ??? 2016
  • ????? ?? ????? ????? ??? ???? ?? ????? ???????
    ??? ???????
  • ???? ?????? ????? ?? ?????? ??????? ???????
    ????????? ???? ?? ???? ??????? ??? ????? ???????

36
36
37

???? ??????? ???? ???????? ?????? ???? ????
??????? ??????????? ??????
????? ????? ??????? ?????? ?? ??????? ?? ?????
???? ????? ??? ????? ????? ?????? ???? ?????????
???????
?????? ???????? ?? ????? ?????? ??????
?????? ?????? ?? ????? ?????? ??????
????? ???? ???? ?????? ?????? ?????? ?????? ???
?????? ?????? ?? ???????
ME to Europe
Intra-regional

ME to US
ME to Asia-Pacific
?? ??? 2006 ?????????? ?? ?????? ????? ????
?????? ??????? ??? USD3.8 trillion ????? ????
????? ????? ????? ??????????? ???????? ?? ??????
?? ??? 2006 USD2 trillion (estimated flows into
Asia USD450 billion)
Predominant direction of investment flow earlier
New/emerging investment flow
Gulf Cooperation Council refers to Saudi Arabia,
UAE, Kuwait, Qatar, Oman, Bahrain Projection
of flows to Asian region from GCC
38
??? ??????????? ???????? ?? ????
??? ??????????? ???????? ?? ???? ??????
??? ????? ???????? ?? ???? ????? ?????? ?????? USD 3.5billion
????????? ??????? ??? ????? ???????? ?????? ????? ??? 1.2BN ?????? ?????? ?? ???? Qingdao USD1.2billion
??????? ???? ?????? ?? ???? ?? ???? ????? USD2billion
????? ????? ??? ????? ?????? ???? ?????? Guangdong ?? ????? ????? ???? ????? ?????? USD5billion
????? ????? ????????? ??? ????? ?????? ???? ????? ??? ??? ?? IPO ?? ICBC USD2.1billion
??????? ?????? ?? ???? ????? USD 1billion
???? ??????? ????? ????????? ??????????? USD 2.6billion
????? Orascom ?? ???? ??????? Hutchison ?? HK USD1.3billion
39
??? ????????? ?????? ?????? ?? ???????
???????? ?????????
??? ??????? ??????? ??? ?????? ???????? 49 ?????? ?? Pavillion JV with Sunway City ????? Sunway South Quay property
???? ???? ??? ?????? ???????? ?????? ???? ??????? ????? ???????? ?????????
???? ????? ???????? R USD Bank and GIH ?????? ???????? ?????? ???? ???? ???????
?????Baitak ??? ??????? ??????? ??????? USD600 mln ?? ??????
???? ???????? ???????? ???????? ????? 10 ??? ?? Green Packet Bhd, a wireless technology co
????????? ???????? 25 in Binariang (US3bln)
???? ?????? With EO Property to develop villas in Penang
???? ??????? ?????? ??????? ??????? ? Gulf Petroleum ????????? USD1.4 bln ?? ???? ???? ??????? ???????? ???????? ???????. ????? ??? ????? ??????? ????? ?? ??????? ?? Asia-Pacific
Swan Symphony ???? ? ??? ??? ??????? ???????? 50.6 ??? ?? ???? ????? ?????? ???????? Putrajaya Perdana (USD112mln)
???? ?????? ???????, ??? ??????? ??????? ,Millennium ??????. ??????? ?????? ????????? USD1.2 billion in Iskandar Malaysia
?????? ??? ??????????? 40 ?? ????? ???????? ???????? ?????USD240 mln ????? ?? ???? Bolton ?????????
?????? ??????? ? ??? ??? 25 ??? ?? RHB Capital Bhd, ???? ????? RHB Bank Bhd, ???? ???? ?????? ??????
Dubai World ??? ??? ????? ?? ????????? ????? ???? ????? ????????? ?????? (Mihap) ?? ???????. ??? ???? ????? ??????
40
??????? ????? ????? ??????? ????????? ?????
?????? ??????? ??????????? ????????
??????? ???????????? ?????? ??? ??????? ??????
?????? ??????? ??? ??????? ?????????
?????? ?????? ?? ??????? ??? ????? ?????
??????? ????? ??? ??? ?????? ???????? ????
???????? ????????? , ????? ??? ????? ????? ??
??????? ?????????
  • ???????? ??? ??????
  • ???? ????? ?????? ? ?????? ?????? ???????
    ?????????
  • ???? ????? ???????? ????????? ?????? ?????
    ???????
  • ???? ?????? ??????? ?????? ??????? ?????????
  • ???? ??????? ?????? ???????
  • ???? ??????? ??????? ????????? ???????? ?????????
    ???????

40
41
?????
???? ?????? ?????? ??????? 3 Persiaran Bukit
Kiara 50490 Kuala Lumpur Malaysia www.sc.com.my
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