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Malaysian Financial Institutions Ready To Adopt Basel III
KPMG Head of Financial Services Advisory Asean Andrew Tinney said several banks in Malaysia are still exploring the possibility of using alternative means for sukuk issues over their Basel III capital needs.
"More resources may need to be allocated for a smooth implementation of Basel III. But, it will take at least two years for big institutions to implement it," he added.
Tinney said it might take about three to fours years for smaller institutions, but the Basel III needs to be fully implemented by 2019.
He was speaking to reporters on the sidelines of the launch of the survey report on readiness of the Basel III among Malaysian Financial Institutions here today.
The Institute of Bankers Malaysia and KPMG jointly conducted the survey in September 2013.
Based on the survey, Basel III reforms have a major impact on capital and liquidity management.
"Commercial banks seem to have the lead in readiness of the Basel III adoption among financial institutions in Malaysia.
"Awareness of Bank Negara Malaysia's implementation plan for the Basel III also needs to be further promoted," Tinney said.
He also said to foster a better understanding of the regulatory reforms, the survey respondents mainly relied on new capital and liquidity training programmes.
The Basel III is a regulatory framework which aims to promote a more resilient banking system. In other parts of the world, efforts towards its adoption were spurred early on.
The survey respondents comprised commercial banks, the investment banking industry and Islamic financial institutions.
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