KUALA LUMPUR (Nov 28): The Securities Commission Malaysia (SC) has issued new guidelines on Islamic Capital Market Products and Services (ICMPS guidelines), which will be the central source of reference on all the various offerings of Islamic Capital Market (ICM) products and services for sophisticated and retail investors.
<p><span>The Securities Commission Malaysia (SC) has liberalised the unit trust fund framework, enabling retail funds to invest in and offer a wider range of investment instruments and activities. This will enable management companies to develop more innovative products whilst ensuring adequate investor protection. </span></p>
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The Securities Commission Malaysia (“SC”) in its
Islamic Fund and Wealth Management Blueprint
(“Blueprint”) launched in 2017, had outlined their plan
and recommendations to counter impediments to growth and innovation
for financial development. The Blueprint had identified the
development of
waqf as one area of significant
potential for social development, greater public good and wealth
distribution and the SC has viewed the effort of increasing the
level of sustainable
waqf assets through fund
management or capital raising as a priority among its
recommendations.
Waqf, traditionally an endowment of property to be held