Graduation Address at Shariah Mentorship Programme Graduation Ceremony

Speaker: Dato’ Mohammad Faiz Azmi, Chairman, Securities Commission Malaysia

Location: Securities Commission Malaysia, Kuala Lumpur
Delivered: 20 May 2026

Professor Dr. Mansor Ibrahim, Director, ISRA International Consulting,

ISRA Senior Representatives,
Mentors and facilitators of the Shariah Mentorship Programme (SMP),
SMP graduates and alumni,
Fellow SC colleagues,
Distinguished guests,
Ladies and gentlemen.

Assalamualaikum warahmatullahi wabarakatuh and good morning.

Let me start by congratulating our graduates on completing the Shariah Mentorship Programme. After months of intensive classroom learning and hands-on industry placements, it is time to carry forward these investments into your professional journey.
In essence, the SMP seeks to cultivate a sustainable pipeline of Shariah professionals for the Islamic capital market (ICM). It is a capacity-building initiative by the SC and run by ISRA International Consulting which combines practical knowledge, industry exposure and mentorship by members of our Shariah Advisory Council and renowned figures in Islamic finance.
Its importance is closely tied to the industry that we support. In terms of size, Malaysia's ICM grew from RM2.2 trillion in 2020 to RM2.7 trillion by the end of 2025, representing 64 percent of the overall capital market¹. This comprises RM1.3 trillion in Shariah-compliant listed stocks and sukuk outstanding of RM1.4 trillion.
Its breadth is equally significant. In Malaysia, 80 percent of all listed securities or a total of 867 are Shariah-compliant. There is a growing Islamic fund management industry with 433 funds in total². Last year, 54 sukuk programme submissions³ were also approved by the SC.
This wide range of Islamic instruments highlight a distinct proposition – that the ICM sits at the very heart of our capital market ecosystem. It calls for professionals of the highest calibre and attributes such as sound Shariah judgment, careful deliberation and professional accountability; the very skills SMP has been trying to cultivate.
Why does this matter? Almost 70 percent of Malaysia’s Shariah advisers are 42 years and above. From a gender perspective, women only make up only 13 percent⁴. The succession and talent risk is therefore real and urgent. The generation that built this industry will retire. The question is, will the next generation be ready to take their place?
It is this desire to ensure well-equipped professionals that has driven continuous refinement of this programme. The SC, together with ISRA, have not stood still and adapted SMP to suit ongoing needs. The results attest to this.
To date, this programme has produced 45 alumni, a growing community of Shariah professionals who are already making their presence felt. More than 70 percent are working in the industry. I also understand many are on track to qualify as registered Shariah advisers within the next five years. Encouragingly, three alumni have already attained registration as Shariah advisers, demonstrating the calibre of talent this programme has produced.
Therefore, I wish to thank ISRA International Consulting for coordinating and shaping this programme into what it is today. The commitment of its subject matter experts, the rigour of the curriculum and the dedication shown reflects their commitment to Shariah governance and talent development.
Looking ahead, we must consider other capabilities that will be required for the industry’s continued progress.
Under the SC’s Capital Market Masterplan 2026-2030, a new initiative is the Super Scholar programme. The aim is to identify and nurture Shariah scholars capable of driving innovation, upholding academic rigour and advancing Malaysia's intellectual leadership in Islamic finance. In a nutshell, while the SMP develops practitioners, the Super Scholar programme seeks to produce the scholars and thought leaders who will shape this discipline’s future direction for decades to come.
To those of you who are still in the early stages of your career, the path ahead may appear long. My advice is to take it step by step. Set your sights first on becoming registered Shariah advisers with the SC. This role carries immense significance and responsibility, in particular safeguarding public confidence in our ICM.
The fit and proper standards in the guidelines is not a mere regulatory formality. It is also a declaration to your stakeholders. It speaks to your integrity, independence and competence. The stakes and expectations are high and the market deserves no less than your best.
We do not need a Shariah adviser who merely rubber-stamps decisions, or one whose independence has quietly yielded to commercial pressures. When that happens, the cost is not only borne by the industry, but also the investors.
A Shariah adviser who avoids accountability is misusing the responsibility entrusted. This means knowledge and sound reasoning must form the base of a Shariah opinion. You must be able to articulate your position clearly, defend it with evidence and acknowledge limitations where they exist. Therefore, guard your integrity, preserve your independence and never stop sharpening your competence. These should be your guiding principles.
Always remember that your duty is not merely to tick a compliance box. It is to serve the spirit of Shariah, promote justice and prevent harm. This ties closely to the broader objectives of Maqasid al-Shariah which essentially gives an indication of what is expected to serve the greater good of the market and society.
Such values must also be brought to bear for new and emerging areas of Islamic finance as well. Products like green sukuk, sustainable and responsible investments, digital assets, tokenisation, waqf and zakat linked instruments will require credible Shariah guidance.
The pursuit of Islamic knowledge has never been a solitary endeavour. It has always been sustained by communities that encourage and believe in each other. The graduates we celebrate today stand not only on their own efforts, but also on the support and guidance of all those who walked alongside them throughout this journey.
As we close this chapter and open the next, I leave you with this reflection from a hadith narrated by Abdullah bin Umar. He said: I heard Allah’s Messenger say: “All of you are guardians and responsible for your wards and the people under your care.”⁵ Your role carries a weight far greater than a job title. The knowledge and exposure you have gained is a privilege. So, use the skills wisely, humbly and courageously.
The Islamic finance ecosystem can only grow when we build it together. In this regard, I would like to record our deepest appreciation to the members of the SC's Shariah Advisory Council, who contributed not only their expertise, but also their time in mentoring the next generation.
To our industry partners who opened their doors, provided internships, and in many cases, offered permanent roles to our graduates, thank you for your continued support.
Lastly, my sincere thanks to everyone who contributed to making this programme possible and congratulations once again to the Class of Shariah Mentorship Programme Cohort 3.

Thank you very much.

Source: SC Annual Report 2025
Source: SC Annual Report 2025
Source: SC Data
Source: SC Data
Source: The SC, 40 Hadiths on Sustainability, Sahih al-Bukhari, Hadith 893