cpifinancial.net - Malaysia’s
2012 Budget is to offer incentives boost Islamic finance, extending tax
breaks on Sukuk issuance for a further three-year period
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Prime
Minister Datuk Seri Najib Tun Razak said a tax deduction on expenses
incurred for Sukuk Wakala will be given for a three-year period from
2012 to encourage more Sukuk issuances. Najib said, "The income tax
exemption given for non-ringgit Sukuk issuance and transaction is
extended for another three years until the year of assessment 2014." (source)
The Malaysian PM also revealed that I-VCAP, a subsidiary of
Valuecap Sdn Bhd, will provide MYR 200 million ($63.4 million) as seed
money for Shari’ah-compliant exchange traded funds (ETFs) which will see
the fund provide a matching loan subject to a maximum of MYR 20 million
($6.34 million).
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