Resolutions of the Securities Commission Shariah Advisory Council

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Foreword by the Chairman Securities Commission FOREWORD BY DATO’ ZARINAH ANWAR CHAIRMAN OF THE SECURITIES COMMISSION Assalamu’alaikum warahmatullahi wabarakatuh and warm greetings. I thank God almighty that this book on the Resolutions of the Securities Commission Shariah Advisory Council is now published to serve as a reading and reference material for those wishing to understand Shariah products and concepts applied in the Islamic capital market in this country. It cannot be denied that the Islamic capital market, which complements the Islamic banking system and Takaful in this country, is growing rapidly. This positive development began in the early 1990s when many corporate bodies used Islamic capital market instruments to fund their economic activities. Investors, too, began to show interest in investing in Shariah-compliant securities and Islamic unit trust funds. The issuance of private debt securities based on Shariah principles, too, began to gain acceptance and popularity in the country’s capital market. In this context, the Securities Commission (Commission), which is the regulatory and developmental body for the capital market, will continue to focus its efforts towards further developing the local Islamic capital market. The establishment of the Islamic Capital Market Department (ICMD) in the Commission and the Shariah Advisory Council (SAC) in 1996 is seen as the pioneering effort towards creating a more organised and efficient Islamic capital market. The SAC, assisted by the ICMD, is responsible for advising the Commission on issues related to the Islamic capital market to ensure its consistency with Islamic principles. The SAC analyses Shariah principles which can be used for introducing new Islamic capital market products and services, as well as evaluates existing conventional capital market instruments to determine the extent to which these instruments comply with Shariah principles. The SAC is also responsible for analysing specific issues that are v
Resolutions of the Securities Commission Shariah Advisory Council related to the operation of the Islamic capital market to provide guidance and advice to investors, the government and industry. In addition, the Commission also emphasised the need to determine the Shariah-compliance status of listed companies on Bursa Malaysia and, as a result, the list of Shariah-compliant securities by the SAC is published twice a year to provide a guide to investors who wish to invest in investments which comply with Shariah principles. At the same time, the Commission also formulated short-term and longterm plans for the development of the Islamic capital market. The Capital Market Masterplan outlines the objectives in making Malaysia an international Islamic capital market centre. Thus, in order to achieve the objectives, comprehensive knowledge and education on Islamic capital market must be given attention to and nurtured in all investors, market intermediaries, the regulatory body and everyone directly involved in the Islamic capital market. The role of the Commission is not only restricted to regulatory oversight but also encompasses initiating developmental activities, and educating investors and the general public in developing the country’s capital market. In the context of the Islamic capital market, various efforts have been initiated by introducing investor education programmes, such as conducting seminars and workshops, as well as publishing reading materials. Thus, the publication of this book is part of the Commission’s continuous efforts to educate investors on all the resolutions adopted by the SAC in their series of meetings. All views of the Shariah are presented in a brief and simple manner so that it can easily be understood by all walks of life. In conclusion, I would like to thank the SAC, ICMD staff and everyone involved, directly and indirectly, in the production of this book. It is hoped that this book will be a useful guide to everyone and can help generate more intellectuals and investors who are knowledgeable and informed of the Islamic capital market. Wassalam. Dato’ Zarinah Anwar vi
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Capital Market Issues According to
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RESOLUTION Capital Market Issues Ac
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Two: Qabadh Hukmi or Qabadh Ma`nawi
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SHARIAH CRITERIA FOR LISTED SECURIT
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SHARIAH CRITERIA Shariah Criteria f
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Shariah Criteria for Listed Securit
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Al-Kasani also said: Shariah Criter
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INTRODUCTION Shariah Criteria for L
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(a) Illustration or reflection of s
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Arabic terms commonly used througho
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ijarah leasing contract Glossary ij
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ta`widh compensation ta’wil inter
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