Latest Shariah Resolutions to further Promote ICM Product Development and Strengthen Malaysia’s Position as Global ICM Hub

New Shariah Resolutions Book Launched during SAC 10th Anniversary Dinner

Kuala Lumpur, 11 September 2006

The release of the latest Securities Commission (SC) Shariah Advisory Council (SAC) resolutions is expected to provide impetus for ICM products and services development and strengthen Malaysia’s foothold as a global ICM hub. The Second Finance Minister Tan Sri Nor Mohamed Yakcop said this today during the launch of the expanded and updated edition of the SC SAC resolutions book, held in conjunction with the SC SAC 10th Anniversary Dinner in Kuala Lumpur.

"This book will become a main reference for market participants, Shariah advisers and academicians in search of resolutions on Shariah issues in the Islamic capital market in Malaysia and internationally," said Tan Sri Nor Mohamed. The SC SAC 10th anniversary dinner was attended by Shariah luminaries and ICM participants.

Entitled 'Resolutions of the Securities Commission Shariah Advisory Council', the publication is the second edition of a compilation of all SC SAC decisions on capital market-related Islamic issues since the council’s establishment in 1996.

This latest edition is published in English and Bahasa Melayu, and, like its predecessor, is expected to be an essential reference point for domestic and international market participants, and the investing public on the application of Shariah principles for the ICM.

The SC SAC is the first advisory body of its kind established at the regulatory level and leads the way in setting precedents and achievements that were instrumental in the development and tremendous growth of Malaysia as a global ICM hub. Tan Sri Nor Mohamed was among the members of the first SAC.

"The role of Shariah experts are critical as they are a key component to ensure that ICM products are labelled as Shariah complaint truly reflect the Shariah framework," said Tan Sri Nor Mohamed.

In the past decade, the SC has tapped into the vast experience of the distinguished members of the SAC in the application of Shariah principles, particularly in the areas of Islamic economics, finance and all issues relating to the ICM.

The SAC's contributions and noteworthy initiatives in the rapidly developing ICM landscape are reflected in the continued increase in the numbers of Shariah-based unit trust funds, issuance of innovative Islamic bond structures using Shariah underlying principles, and the setting of global benchmarks in the introduction of new ICM products such as Islamic Real Estate Investment Trusts (REITs).

The SAC Resolutions Book is available at the Securities Industry Development Centre (SIDC) shop. An online version will also be available at soon.


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