Purchase of Land for the Development of a Financial Education Hub

http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=4593 4th January, 2018

Bank Negara Malaysia is pleased to announce today that it has successfully acquired a piece of land with a total area of 55.79 acres from the Government of Malaysia. The completion of this transaction is the culmination of several months of discussions between the two parties.

The land is located contiguous to the Bank’s Sasana Kijang complex which is equipped with conference and state of the art training facilities and houses international organisations such as the World Bank, South East Asian Central Banks Research and Training Centre (SEACEN) and the Alliance for Financial Inclusion (AFI). It is also near the new Asia School of Business (a collaboration with the Massachusetts Institute of Technology) complex and the financial industry’s Financial Industry Training Centre presently under construction.

The land will be utilised for the relocation of the Global Islamic Finance University (INCEIF) and the International Shari’ah Research Academy for Islamic Finance (ISRA). The land will also be used for future development of education and training facilities that will focus on enhancing the technical capabilities of the talents in the financial services industry.

The entire combined area will be designated and integrated as a world-class Education Hub for Financial Services. The Hub is envisioned to be a focal point for international learning and research that will nurture a sustainable pool of local talents to support the development of the domestic financial industry.

The acquisition cost of the land is about RM2 billion subject to a final survey of the area involved. The land valuation was mutually agreed on between the Bank and the Government of Malaysia based on a valuation process conducted by an appointed independent private sector valuer.