MALAYSIA - FINANCE - Malaysia revises Islamic equity standards

www.reuters.com - (Reuters) - Malaysia's securities commission is revising its guidelines for equities which qualify for Islamic investment, in a move that could increase the appeal of the country's sharia-compliant funds industry to Gulf investors.
Under the previous standards, investment was banned or restricted in companies that were involved in industries deemed to be unethical, such as gambling, alcohol and tobacco.
These restrictions are now being made more stringent, so that a lower level of exposure to those industries is unacceptable for Islamic investment, according to a statement by the securities commission on Monday.
The revised guidelines also include two new financial standards which filter out excessively cash-rich and debt-ridden companies, in order to limit exposure to interest payments and pure monetary speculation, which are unacceptable in Islam. (source)

GCC - CAPITAL MARKETS - Guidelines issued for bond sellers in the Gulf

thenational.ae - Banks have drafted a list of pointers for organisations seeking to raise new capital on credit markets.

The move is intended to improve transparency and provide a stamp of approval for bonds and sukuk issued in the Gulf.

The guidelines were drafted by the Gulf Bond and Sukuk Association (GBSA), an industry body composed of 27 banks and other financial services firms. (source)

LAW - CONTRACTS - No Shariah Rules for Breaking Deals Gets Regulator Review: Islamic Finance

The leading global Islamic Finance accounting regulator is introducing conditions for contracts that comply with religious laws, seeking to standardize an industry with $1 trillion in assets under management.

The Bahrain-based Accounting & Auditing Organization for Islamic Financial Institutions will for the first time provide a “Shariah-compliant way” for parties to enter and exit contracts, Mohamad Nedal Alchaar, secretary-general of the agency, based in Manama, Bahrain, said in a phone interview Sept. 30. The rules will be enforced by December after approval by the advisory board, he said.