For MIFC itself, Razif admits “the timing and momentum has been a bit disrupted,” but says that is a question of global problems. He feels that in policy terms, all that needs to be done is in place: tax exemptions for 10 years, flexibility on branch status, minor capital requirements, no withholding tax for investors. “In terms of the number of players that have submitted applications, you would be surprised.”

 This article was one of a series in IFR Asia’s Malaysia debt markets report, April 2009

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