Last Updated : 12 Nov 2009


Foreign or local corporations require the approval of the Securities Commission (SC) under the Capital Markets and Services Act 2007 (CMSA) for issues, offers for subscription or purchase, making an invitation to subscribe for and purchase of Islamic securities (IS)

Approvals in relation to the issuance or offer of IS from other regulatory bodies (such as the Controller of Foreign Exchange) must be obtained prior to the submission of the proposal to the SC. Applicable conditions (if any) imposed upon such regulatory bodies will continue to be in effect throughout the tenor of the IS.

Sukuk Issuance Procedure

• Appoint Principal Advisers and Shariah Advisers, as well as other experts, which may be required for the necessary due diligent exercises expected for such proposals.
• Principal Advisers need to seek approval from the Controller of Foreign Exchange.
• Principal Adviser needs to obtain indicative rating from rating agency recognised by the SC.
• Principal dealer will submit the complete proposal for approval to the SC.