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

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.


21 February 2024

The Securities Commission Malaysia (SC) is inviting applications for the 13th Scholar in Residence (SIR) Visiting Fellowship Programme in Islamic finance at the Oxford Centre for Islamic Studies (OCIS) UK for the 2024/25 academic year.


2 November 2023

The Securities Commission Malaysia (SC) today introduced the principles-based Maqasid Al-Shariah Guidance Islamic Capital Market Malaysia, a fundamental developmental effort to further promote a strong and resilient industry.


30 October 2023

The Securities Commission Malaysia (SC) today launched the Shariah Mentorship Programme, a targeted, first-of-its-kind mentorship initiative aimed at building a sustainable talent pipeline of Shariah professionals in the Islamic capital market (ICM).


21 July 2023

The Securities Commission Malaysia (SC) in collaboration with Universiti Sains Malaysia (USM) and DRB-HICOM University and supported by the FGV Holdings Berhad (FGV) concluded the Waqf and Islamic Capital Market Conference today.


13 July 2023

The Securities Commission Malaysia (SC) today announced its new Shariah Advisory Council (SAC) line-up for a three-year term from 1 July 2023 to 30 June 2026.


27 June 2023

The Securities Commission Malaysia (SC) today announced the launch of FIKRA ACE, a fintech initiative that aims to enhance the Islamic capital market (ICM) ecosystem by facilitating the development of Islamic fintech through a structured approach.


 17 October 2022

The 261st Shariah Advisory Council of The Securities Commission Malaysia Meetings (17 October 2022)


 27 September 2022

The 251st Shariah Advisory Council of the Securities Commission Malaysia Meetings (13 December 2021)


21 February 2022
Updated List of Registered Shariah Advisers as at 21 February 2022

 20 December 2021

The Guidelines for Shariah Advisers (Guidelines) are issued by the Securities Commission Malaysia (SC) pursuant to section 377 of the Capital Markets and
Services Act 2007 (CMSA).


16 November 2021
Malaysian Islamic Capital Market Bi-Annual Bulletin by the Securities Commission Malaysia (Januari - June 2021 Issue). Click here to download.

22 October 2021
Updated List of Shariah Registered Advisers as at 30 September 2021

30 September 2021
  • Islamic Fund Management Statistics
  • Statistics for Islamic Capital Market in Malaysia

18 September 2021
The research by Dr Hashim Jusoh examines the relationship between futures and spot markets in Malaysia, specifically, between the stock index futures, crude palm oil futures, conventional stock indices and Shariah stock indices, traded on Bursa Malaysia Derivatives and Bursa Malaysia Securities. Time and frequency domain approach based on the wavelet techniques are used to study multi-horizons correlations, hedging effectiveness and inter-temporal causality between the above-mentioned variables.

5 August 2021
As part of the ongoing efforts to enhance the ecosystem for Shariah-compliant fund raising activities through the ECF and P2P financing platforms, the SC introduces the Shariah Screening Assessment Toolkit for the Unlisted Micro, Small and Medium Enterprises (“Toolkit”) as a guidance in screening the Shariah status of the MSMEs in the unlisted market.

2 June 2021
The 11th SCOCIS Roundtable 2020 themed ‘Repurposing Islamic Finance for Longer-Term Opportunities’ aimed to further explore the role of Islamic finance, with its wide range of financing instruments, such as SRI sukuk, in mitigating the short-term impacts of the COVID-19 pandemic and supporting post-COVID-19 recovery. Click here to download the proceedings.

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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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