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Wednesday, 20 June 2012

Malaysia: SC syariah council plans revised screening method

PETALING JAYA: The Syariah Advisory Council (SAC) of the Securities Commission (SC) has proposed a revised screening methodology to determine the syariah-compliant status of listed companies.
The proposed revised methodology would incorporate 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 Syariah-compliant Securities by the SC’s SAC effective from November 2013,” the capital market regulator said in a statement.
“In addition to the above two-tier quantitative assessment, the existing qualitative assessment will continue to be applicable while the release of the list of syariah-compliant securities will remain twice a year,” it added.
SC executive director for Islamic Capital Market Zainal Izlan Zainal Abidin said the revision to the screening methodology would further facilitate the orderly development of the Islamic equity market and fund management industry at both domestic and international levels.
This, he said, was in line with the growth strategies outlined under the Capital Market Masterplan 2.
Consisting of prominent syariah scholars, jurists and market practitioners, the SC’s SAC is responsible for ascertaining and issuing rulings on the application of syariah principles on matters pertaining to the Islamic capital market.
(The Star Online / 19 June 2012)

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