Awang Adek said the guide aimed to further enhance the local ecosystem’s tenet based on the true spirit of Islamic finance.
KUALA LUMPUR: The newly launched principles-based Maqasid al-syariah guidance for the Islamic Capital Market (ICM) is set to unlock and strengthen the full potential of the ICM in Malaysia, thus solidifying the country’s position as the leader in the global Islamic economy.
Deputy Finance Minister I Datuk Seri Ahmad Maslan said the guidance would address various challenges and opportunities in the market by emphasising the substance rather than form.
“The code of practice is to be adopted by syariah advisers and industry players in respect of various types of ICM products and services.
“The launch of this new guidance is both ideal and timely, and I hope that all Islamic finance industry players will embrace it and use it to elevate syariah-compliant products for the people’s well-being,” he said when launching the guidance at the Securities Commission (SC)-World Bank conference here yesterday.
The guidance was developed by the SC through its engagement with its syariah advisory council members and various domestic and international stakeholders, and benchmarked against international best practices.
SC chairman Datuk Seri Awang Adek Hussin pointed out that the guidance aimed to further enhance the local ecosystem’s tenet based on the true spirit of Islamic finance.
“As Malaysia is widely recognised as an ICM global thought leader, we envision the guidance will serve as a valuable reference document for industry players,” he said.
Also present was Ndiame Diop, the World Bank Group country director for Brunei, Malaysia, the Philippines and Thailand.
Moving forward, Awang Adek said the outlook for the ICM remained promising, backed by its strong foundation. — Bernama
