MALAYSIA - CAPITAL MARKETS - Malaysia revises Shari’ah screening methodology

www.cpifinancial.net  - The Shari’ah Advisory Council (SAC) of the Securities Commission Malaysia (SC) has announced the adoption of a revised screening methodology to determine the Shari’ah-compliant status of listed companies.

In view of the developments and growing sophistication of the Islamic finance industry since the introduction of the current screening methodology in 1995, the SAC has revised the methodology by adopting a two-tier quantitative approach which applies the business activity benchmarks and the newly-introduced financial ratio benchmarks. The outcome of the revised methodology will be reflected in the List of Shari’ah-compliant Securities by the SC's SAC effective from November 2013.  (source)

FINANCE - MALAYSIA - Appointment of Members of The SAC Shariah Advisory Council Bank Negara Malaysia (Member from Indonesia)

Bank Negara Malaysia wishes to announce the new members of the Shariah Advisory Council (SAC) for a period of three years, effective 1 November 2010. Pursuant to section [53] of the Central Bank of Malaysia Act 2009, the appointment of the SAC members was assented by the Seri Paduka Baginda Yang di-Pertuan Agong.

LAW - SHARIAH - CONTRACTS - Malaysia sets up committee to enhance its legal framework as `The laws of choice' for Islamic finance transactions

IN a move to position and strengthen its existing legal framework as ‘the Laws of Choice’ for Islamic financial transactions, Bank Negara Malaysia, the central bank, last week established a Law Harmonization Committee (LHC) comprising members from among key government stakeholders, including the Attorney General's Chambers as well as industry players and experienced Islamic finance legal practitioners.