ISLAMIC CAPITAL MARKET
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 development and research 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

26 May 2025

The Securities Commission Malaysia (SC) today launched the 40 Hadiths book series on sustainability and ethical sales transactions to promote a deeper understanding of the Islamic perspective on sustainability and Islamic ethics in commercial transactions.


22 April 2025

The Securities Commission Malaysia (SC) today commenced the third cohort of its Shariah Mentorship Programme (SMP), aimed at nurturing a new generation of Shariah professionals in the Islamic capital market (ICM).


25 March 2025

The Securities Commission Malaysia (SC) is collaborating with the Oxford Centre for Islamic Studies (OCIS) to launch the Sultan Nazrin Shah Fellowship, a distinguished academic position aimed at driving thought leadership and innovation in Islamic finance.


28 February 2025

The Securities Commission Malaysia (SC) is inviting Islamic finance specialists1 to apply for the 14th Scholar in Residence (SIR) Fellowship Programme in Islamic finance at the Oxford Centre for Islamic Studies (OCIS), UK, for the 2025/2026 academic year.


11 July 2024

The Securities Commission Malaysia (SC) is inviting applications for the second cohort of its FIKRA ACE Accelerator programme, part of the FIKRA ACE initiative.


28 May 2024

The Securities Commission Malaysia (SC) welcomes two capital market-related initiatives announced by Prime Minister Dato' Seri Anwar Ibrahim at the Global Forum of Islamic Economics and Finance (GFIEF) today.


29 April 2024

The Securities Commission Malaysia (SC) today signed a Memorandum of Understanding (MOU) with the Islamic Development Bank (IsDB) Group, paving the way for greater cooperation in Islamic capital market (ICM) and broadening the reach of Islamic fintech and social finance, particularly waqf.


22 April 2024

The Securities Commission Malaysia (SC), in collaboration with the Computer Science Society of Universiti Sains Malaysia (USM), held the highly anticipated Varsity Hackathon (VHACK 2024) on 20 April 2024.


27 February 2024

The Securities Commission Malaysia (SC), in collaboration with the Computer Science Student Society of Universiti Sains Malaysia (USM), will host the Varsity Hackathon (VHACK) from 25 February to 20 April 2024.


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The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

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General Email: [email protected]
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