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Saturday, 20 March 2010

Malaysia: SC to strengthen the role of the regulator’s Syariah Advisory Council (SAC) in the development of Islamic capital markets

KUALA LUMPUR: Changes to the Capital Market Services Act introduced last year by the Securities Commission (SC) will be enforced from next month.
SC chairman Tan Sri Zarinah Anwar said the changes would strengthen the role of the regulator’s Syariah Advisory Council (SAC) in the development of Islamic capital markets.
The SC had introduced changes to the act last year.
“The law now recognises the SAC as the central authority for the ascertainment of syariah principles for the Islamic capital market,” the SC chief said at the inaugural SC-Oxford Centre for Islamic Studies forum yesterday.
She added that the new provisions also enabled a licensed person, the stock exchange or a public listed company or other persons to refer matters to the SAC for its advice and ruling, which would be binding on the person or entity concerned.
“We believe this to be a crucial step in ensuring a clear and consistent development path for Islamic finance that ensures certainty whilst protecting investors,” Zarinah said.
Meanwhile, Perak Crown Prince Raja Dr Nazrin Shah, who is also the ambassador for the Malaysian International Islamic Finance Centre, said in his speech that the principles of Islamic finance were integral to financial reforms as the world grappled with the effects of the global recession and plotted the path to recovery.
“I don’t think that Islamic finance can substitute conventional forms of finance just yet but what it can do is inform, influence and ultimately improve the world of global finance,” he said.
Raja Nazrin said cases, lessons and views found in the field of Islamic finance could be applied and contribute greatly toward the renewed and stronger fabric of financial markets.

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