Islamic capital market (ICM) transactions are carried out in ways that do not conflict with the conscience of Muslims and the religion of Islam. Here, there is assertion of religious law so that the market is free from activities prohibited by Islam such as usury (riba), gambling (maisir) and ambiguity (gharar).

The ICM is a component of the overall capital market in Malaysia. It plays an important role in generating economic growth for the country. The ICM functions as a parallel market to the conventional capital market, and plays a complementary role to the Islamic banking system in broadening and deepening the Islamic financial markets in Malaysia. To this day, Malaysia’s ICM remains a compelling destination for all stakeholders.

The SC’s early initiative in setting up a dedicated Islamic Capital Market Department (ICMD) was to provide the much needed infrastructure support. The mandate of the ICMD is to carry out research and development activities including formulating and facilitating a long-term plan to further strengthen the ICM in Malaysia.

Malaysia has also driven the innovation to introduce a two-tier Shariah governance framework for the ICM. The establishment of national Shariah Advisory Council (SAC) in May 1996 was embedded under the Securities Commission Act, which empowers the SAC to issue rulings.

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Latest from ICM

5 May 2021
Malaysian Islamic Capital Market Bi-Annual Bulletin by the Securities Commission Malaysia. Click here to download the July - December 2020 Issue.

27 November 2020
The Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SC) has approved an updated list of securities, which have been classified as Shariah-compliant securities. The list of Shariah-compliant securities, which are listed on Bursa Malaysia will take effect from 27 November 2020.

31 August 2020
  • Islamic Fund Management Statistics
  • Statistics for Islamic Capital Market in Malaysia

23 July 2020
The Securities Commission Malaysia (SC) today announced the new line-up of its Shariah Advisory Council (SAC) who will serve for a three-year period commencing 1 July 2020, as assented by the Yang di-Pertuan Agong under Section 31ZK of the Securities Commission Malaysia Act 1993 (SCA).

23 July 2020
The 233rd and 234th Shariah Advisory Council of the Securities Commission Malaysia Meetings (29 June and 20 July 2020)

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