Welcome to the November issue of MIF Monthly, which includes an exclusive in-bound supplement on Labuan.

For our cover story, editor Dalila Abu Bakar sought the views of several notable industry practitioners on innovations in raising capital. MIF Monthly also speaks exclusively to Zainal Izlan Zainal Abidin, CEO of i-VCAP Management, on developments since the launch of MyETF-DJIM25, Asia’s first Islamic ETF. He elaborates on plans to launch the second tranche worth US$150 million, company strategies and how i-VCAP can realize its vision of becoming the premier regional Shariah compliant fund management company.

Another must-read is “Derivatives in Islamic Financial Markets: Hedging or Gambling?” by Dr Saadiah Mohamad, director of WIEF-UiTM International Centre. The article looks at the main forms of hedging and examines the debate surrounding the use of derivatives in Islamic financial markets.

In what is set to be another widely discussed judgment, Kuala Lumpur High Court Justice Datuk Abdul Wahab Patail recently ruled that the application of the Bai Bithaman Ajil (BBA) is contrary to Malaysia’s Islamic Banking Act 1983. Mohamad Illiayas of Messrs Illiayas, Advocates & Solicitors shares his views on what he considers to be one of the most severe judicial indictments in the practice of Islamic banking in Malaysia.

The MIF Monthly 2008 Labuan Supplement focuses on the federal territory and discusses its repositioning as a cost-efficient international financial center. Labuan IBFC CEO Martin Crawford and LOFSA deputy director-general Danial Mah Abdullah explain the recent rebranding exercise and strategy in maximizing Labuan’s potential. Law firm Zaid Ibrahim & Co also discusses recent developments in the legislation governing Labuan and the guidelines introduced specifically to cater to Islamic products.

We hope you enjoy reading this month’s issue. Should you have any comments, feedback or enquiries, do get in touch.

Happy reading!