The Securities Commission Malaysia (SC) has launched a new guidance for the Islamic capital market – Maqasid Al-Shariah Guidance Islamic Capital Market Malaysia.
The guidance was launched by Deputy Minister of Finance I, Datuk Seri Ahmad Maslan at the SC-World Bank Conference.
The guidance is based on six overarching aspirations: Humanity, Justice and Benevolence, Clarity and Transparency, Flexibility and Innovation, Fiduciary and Accountability, and Accessibility and Inclusivity.
The guidance is designed to enhance the Islamic capital market’s competitive advantage and fortify its impact and contribution to society and the real economy.
It is also in line with the SC’s Capital Market Masterplan 3, which seeks to recognise Malaysia as a global leader in ICM and enhance Malaysia’s position as a regional centre for Shariah-compliant Sustainable and Responsible Investment (SRI).
The guidance is not meant to replace the existing Shariah requirements, but rather to complement the SC’s existing rules and regulations. It is designed to ensure that the Islamic capital market adheres to the highest ethical standards based on core Shariah principles.
The guidance is expected to sustain the trust and confidence of stakeholders in the Islamic capital market. It is also expected to contribute to the growth and development of the Islamic capital market in Malaysia.
