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FROM THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT
38
Bursa Malaysia •
Annual Report 2015
CEO’S MESSAGE
AND MANAGEMENT
DISCUSSION AND ANALYSIS
ISLAMIC CAPITAL MARKET
20
15
RM
milli
on
2014
RM
m
il
li
on
%
change
BSAS T
ra
di
ng Reven
ue
16
.8
10.0
69
%
Ot
he
r
0.6
0.
5
8%
To
ta
l
17
.4
10
.5
65
%
ISLAMIC CAPITAL MARKET SEGMENTAL REVENUE
GROWING ACCEPTANCE OF MURABAHAH AND BSAS PLATFORM
DRIVES PERFORMANCE
Profit contribution from ICM in 2015 increased more than two-fold to
RM11.8 million compared to RM5.4 million in 2014. Operating revenue
rose 65% to RM17.4 million from RM10.5 million in 2014. The primary
driver for the growth in ICM is trading revenue generated on the BSAS
platform, which amounted to RM16.8 million, representing a 69% increase
from the previous year.
The BSAS platform saw ADV grow 121% to RM15.2 billion in 2015. Since its
inception in August 2009, BSAS has recorded a cumulative annualised growth rate
(“CAGR”) of 136%. In 2015, the total commodity trade value on BSAS grew 121% to
RM3.7 trillion from RM1.7 trillion in 2014.
SEGMENT PROFIT AND OPERATING MARGIN BSAS ADV
SUKUK LISTED UNDER EXEMPT REGIME
Segment Profit
(RM million)
ADV (RM billion)
Operating Margin (%)
Sukuk Value
(USD billion)
No. of Sukuk
5.4
50.3
0.9 13.6
11.8
66.5
3.9
15.2
6.9
34.2
20
32.9 20
34.6
22
The strong growth in BSAS trading was mainly driven by the conversion of
bank deposits from Mudharabah to Murabahah contracts and the growing
interest in tenor-based pricing.
Key achievements of BSAS in 2015 included:
• Largest daily trade:
RM30.7 billion on 28 December 2015
• Largest single deal:
RM6.9 billion on 29 January 2015
• Increase in BSAS participants:
The number of market participants
continued to rise with the addition of 16 new participants, bringing the
total to 109 in 2015 (from 93 in 2014). Domestic participants accounted
for 88% of total trades while foreign participants accounted for the
remaining 12%
BSAS’ achievements were recognised by the Global Islamic Finance Awards
2015 which presented the Exchange with the “Best Islamic Exchange 2015”
award and also by the award of “Best Islamic Finance Facilitation Platform
Asia 2015” from the Global Banking & Finance Review. The international
financial community picked BSAS as the “Best Interbroker for Islamic
Transactions” at the 10
th
Islamic Finance News Service Providers Poll 2015.
2013
2013
2013
2014
2014
2014
2015
2015
2015