LAST month, Bank Negara Malaysia (BNM) announced the adoption of Malaysian Islamic overnight rate (MYOR-i) as the mandatory reference rate for Islamic finance products starting in July 2027.
This move is a significant structural reform that will boost transparency, consistency and syariah alignment, and advance Malaysia’s Islamic finance ecosystem.
As of last year, the global Islamic finance industry was worth US$4 trillion, and projected to surpass US$9.7 trillion (RM41.0 trillion) by 2029.
This continued growth will intensify activity among key Islamic finance hubs such as Saudi Arabia and the United Arab Emirates, each advancing initiatives to attract global capit
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