The Securities Commission Malaysia (SC) has issued new guidelines on Islamic Capital Market Products and Services (ICMPS Guidelines) to further enhance the Shariah governance framework for the Islamic capital market.

This will be the central source of reference on all the various offerings of Islamic Capital Market (ICM) products and services for sophisticated and retail investors.

The ICMPS Guidelines consolidate all Shariah requirements previously set out in various guidelines including that on Unit Trust Funds, Exchange-Traded Funds, and Unlisted Capital Market Products under the Lodge and Launch Framework.

The SC Chairman Dato’ Seri Dr. Awang Adek Hussin said the ICMPS Guidelines, which took effect on 28 November, will provide relevant stakeholders with one comprehensive central document on Shariah principles and requirements that are applicable to ICM products and services.

The ICMPS Guidelines also introduce a new chapter dedicated to waqf.

The expanded Waqf-Featured Fund Framework (WQ-FF Framework) will now include listed funds such as Islamic Real Estate Investment Trusts (REITs) and Islamic Exchange Traded Funds (ETFs).

Dato’ Seri Dr. Awang said,

“The release of the ICMPS Guidelines and the expansion of the WQ-FF Framework are in line with the development of the industry and market needs.

 

Innovation is key to remain relevant and to solidify Malaysia’s role at the forefront of shariah market-based advancements.”