Kuala Lumpur, 9 August 2009

SC streamlines registration of Shariah advisers

The Securities Commission Malaysia (SC) today issued the Registration of Shariah Advisers Guidelines (Guidelines) which will make it easier for individuals and corporations providing advise on Islamic capital market products and services. The Guidelines will take effect on 10 August 2009.

Under the Guidelines, Shariah advisers can now, through a single registration, provide advice on all Shariah-based products and services regulated by the SC. Prior to this, Shariah advisers have to register separately for each products and services based on the respective guidelines.

The Guidelines will supersede the various provisions on the eligibility and registration criteria outlined in other SC guidelines covering various Islamic products and services. They include Guidelines of Unit Trust Funds and Guidelines on the Offering of Islamic Securities.

The Guidelines, among others, stipulate the criteria and procedures for registration and renewal, matters pertaining to registration and de-registration and continual professional development.

The new Guidelines is available here.