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TITLE : REGULATION AND SUPERVISION OF ISLAMIC CAPITAL MARKET

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TITLE : REGULATION AND SUPERVISION OF ISLAMIC CAPITAL MARKET

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TITLE : REGULATION AND SUPERVISION OF ISLAMIC CAPITAL MARKET

  1. 1. TITLE : REGULATION AND SUPERVISION OF ISLAMIC CAPITAL MARKET
  2. 2. INTRODUCTION • The ICM is a component of the overall capital market in Malaysia. • It plays a complementary role to the Islamic banking system in Malaysia. • As the market became more complex and sophisticated, it needed supportive infrastructure so that the system could operate and function more efficiently and effectively. • ICM functions in parallel to its conventional counterpart and is growing in terms of sizes, products and sophistication. • Accessible to the largest market, it specifically aims to meet the investment and financing needs for those who wish to undertake capital market transactions in a shariah- compliant way.
  3. 3. REGULATORY BODIES • The main regulatory bodies that govern the Malaysian capital market are: • Bursa Malaysia Berhad. • Securities Commission. • The scope of jurisdiction for these regulating bodies encompasses both Islamic and conventional finance matters. • Malaysia’s banking and insurance sectors come under the jurisdiction of the Central Bank, Bank Negara Malaysia (BNM). • While the capital market is regulated by the Securities Commission Malaysia (SC).
  4. 4. REGULATORY FRAMEWORK • Regulatory of framework of the ICM in selected jurisdiction such as Malaysia, Saudi Arabia, the United Arab Emirates, Indonesia and the United Kingdom • Malaysia are successfully establishes its own unique model and sets new benchmarks. • Frameworks strategically put in place by the respective Malaysia authorities to deal with specific areas. • This conceptual is to ensure appreciates and recognizes the complex and sophisticated.
  5. 5. Malaysia has well-developed financial infrastructure that comprise of effective legal, regulatory and supervisory framework that underpin the stability of financial system
  6. 6. SECURITIES COMMISSION Established in 1 March 1993 under the Securities Commission Act 1993. SC is a self-funding statutory body with investigative and enforcement powers. It reports to the Minister of Finance and its accounts are tabled in Parliament annually. Statutory body entrusted with the responsibility of regulating and systematically developing the Malaysia’s capital markets. Direct responsibility in supervising and monitoring the activities of market institutions and regulating all persons licensed under the Capital Markets and Services Act 2007
  7. 7. ROLES OF SECURITIES COMMISSION • 1)Supervising exchanges, clearing houses and central depositories • 2)Registering authority for prospectuses of corporations other than unlisted recreational clubs • 3)Approving authority for corporate bond issues • 4)Regulating all matters relating to securities and derivatives contracts
  8. 8. • 5)Regulating the take-over and mergers of companies • 6)Regulating all matters relating to unit trust schemes • 7)Licensing and supervising all licensed persons • 8)Encouraging self-regulation • 9)Ensuring proper conduct of market institutions and licensed persons
  9. 9. In an Islamic capital market (ICM), market transactions are carried out in ways that do not conflict with the conscience of Muslims and the religion of Islam. Securities Commission is regulate for the ICM securities. The Securities Commission Malaysia has long identified capacity development as an essential dimension of our multi-pronged strategy. The SC’s early initiative in setting up a dedicated Islamic Capital Market Department (ICMD) within its Strategy and Development Business Group was to provide the much needed infrastructure support.
  10. 10. SHARIAH ADVISORY COUNCIL Established in May 1997. The SAC has been given the authority for the ascertainment of Islamic law. In The roles and functions of the SAC have been further reinforced in the recent provisions of the Central Bank of Malaysia Act 2009. While the rulings of the SAC shall prevail over any contradictory ruling given by a Shariah body or committee constituted in Malaysia.
  11. 11. • Review the products and services to ensure conformity with Syariah requirements • Review and endorse relevant documents • Supervise investments made by the institutions in the ICM • Deliberate on Shariah issues pertaining to the day-to-day operations of the institutions and provide advice accordingly
  12. 12. • Conduct research and development of new products • Provide training and education on muamalat based on shariah contract • Assist related parties on shariah matters and provide advice upon request
  13. 13. HOW SAC APPOINTED • Members of the SAC are appointed by the Securities Commission once every two years. • SAC members appointed by the Yang di-Pertuan Agong. • The members of the SAC comprise of individuals who are in a position to present Shariah opinions and those who have vast experience in the application of Shariah, particularly in the areas of Islamic economics and finance. • The members of the SAC consist of Islamic scholars or jurists and Islamic finance experts. • Members of the SAC are appointed by the Securities Commission once every two years. • SAC members appointed by the Yang di-Pertuan Agong. • The members of the SAC comprise of individuals who are in a position to present Shariah opinions and those who have vast experience in the application of Shariah, particularly in the areas of Islamic economics and finance. • The members of the SAC consist of Islamic scholars or jurists and Islamic finance experts.

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