The Shariah Advisory Council of the Securities Commission Malaysia (the SAC) had, in a series of its meetings, deliberated on several issues in relation to qalb al-dayn and its application in sukuk restructuring. The SAC had, at its 192nd meeting held on 15th December 2016, resolved on the permissibility of qalb al-dayn subject to certain conditions. In general, the term qalb al-dayn refers to the conversion of an existing debt into a new debt such as in the following situations:
 (i) Restructuring of debt/amount payable via an extension of the payment period which results in an increase of the original amount payable without terminating the existing contract; or
(ii) Restructuring of debt/amount payable via termination of the existing contract and entering into a new contract with a new amount payable and an extended payment period.
 The issue in deliberation was on the permissibility of qalb al-dayn in sukuk restructuring.
 The SAC had resolved that qalb al-dayn is permissible subject to the following conditions:
 (i) Execution of a new contract where it creates a new payment obligation and a revised payment period;
 (ii) Proceeds from the new contract may be used to pay the initial outstanding debt which consequently results in the termination of the existing contract; and
 (iii) The debtor is categorized as musir (solvent) as determined by the sukuk trustee or sukukholders.