While existing frameworks ensure Shariah compliance, the Guidance Note seeks to advance a more holistic assessment of sukuk issuances by guiding Shariah advisers to consider broader value creation, including alignment with issuers’ strategic objectives, as well as economic and societal outcomes.
 
It outlines the scope, applicability and key considerations in applying the Maqasid Al-Shariah Guidance Islamic Capital Market Malaysia (Maqasid Guidance) within the sukuk ecosystem, including the roles of Shariah advisers and issuers.
 
The Guidance Note further provides a structured set of illustrative indicators and guiding questions across six key aspirations and 15 underlying principles of the Maqasid Guidance, covering areas such as utilisation of proceeds, sukuk structuring, governance, disclosure and inclusivity. In addition, it also includes practical illustrations of sukuk issuances to demonstrate how alignment with Maqasid al-Shariah may be assessed and articulated in practice.

The SC encourages Shariah advisers and sukuk issuers to incorporate Maqasid Guidance considerations in sukuk structuring, utilisation of proceeds and related disclosures, while continuing to comply with all applicable Shariah requirements. This includes the resolutions of the SC’s Shariah Advisory Council and other relevant guidelines.

More information on the Guidance Note can be found here: https://www.sc.com.my/regulation/guidance-notes-and-guiding-principles.