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The Star
2 days ago
- Business
- The Star
SC, Durham University ink MoU to advance Islamic capital market education
KUALA LUMPUR: The Securities Commission Malaysia (SC) has signed a memorandum of understanding (MoU) with Durham University to strengthen cooperation in capacity building, knowledge sharing, and joint initiatives in Islamic finance and Islamic capital market (ICM). In a statement today, the SC said the inaugural ICM Summer School is one of the collaborations under this MoU, jointly organised with the Durham Centre for Islamic Economics and Finance, Durham University Business School. SC chairman Datuk Mohammad Faiz Azmi said the ICM Summer School is a milestone in cultivating visionary leaders for the future of Islamic finance, driven by a shared commitment to advancing capacity and thought leadership across the industry, from practitioners to seasoned scholars. "By embedding Maqasid al-Shariah principles, we aim to build an ethical, sustainable, and innovative capital market. Our partnership with Durham University equips professionals to reinforce Malaysia's global leadership in Islamic finance. ''The SC aims for Maqasid al-Shariah to serve as a strategic differentiator, driving innovation and collaboration among regulatory bodies and Islamic industry players worldwide,'' he said. Mohammad Faiz also said that the initiative reflects a strong commitment to advancing the values outlined in the Maqasid al-Shariah Islamic Capital Market Guidance introduced by the SC in 2023. The SC said the ICM Summer School programme will run from 2025 to 2027, with one cohort annually, with the inaugural group of 15 participants commencing a month-long hybrid programme in the third quarter of 2025. It said the advanced executive programme is designed for mid- to senior-level professionals and leaders in the Islamic finance industry, with a minimum of five years' relevant working experience. Upon completing intensive online modules, SC said participants will attend a five-day masterclass at Durham University and, upon successful completion of the programme, will receive joint certification from the SC and Durham University. The curriculum will cover key areas including Sukuk, Islamic equities, Shariah-compliant products, fintech, sustainability, regulatory frameworks, and product innovation, with a central focus on applying Maqasid Al-Shariah principles to promote ethical, inclusive, and sustainable Islamic capital market and finance practices. - Bernama
New Straits Times
2 days ago
- Business
- New Straits Times
SC, Durham University forge partnership to advance Islamic finance education
KUALA LUMPUR: The Securities Commission (SC) has signed a memorandum of understanding (MoU) with Durham University to strengthen collaboration in Islamic finance education, research and innovation. The MoU includes the newly launched Islamic Capital Market (ICM) Summer School initiative, which the Durham University Centre for Islamic Economics and Finance organises in collaboration with its Business School. The initiative aims to equip professionals with strategic leadership skills and a deeper understanding of Maqasid al-Shariah in Islamic capital markets. SC chairman Datuk Mohammad Faiz Azmi said the initiative is a milestone in nurturing future leaders of Islamic finance. "This is driven by a shared commitment to advance capacity and thought leadership in the industry, from practitioners to seasoned scholars," he said in a statement. "By embedding Maqasid al-Shariah principles, we aim to build an ethical, sustainable and innovative capital market." He said the programme aligns with the values outlined in the Maqasid al-Shariah Islamic Capital Market Guidance introduced by the SC in 2023. Durham University vice-chancellor and warden professor Karen O'Brien said the university has a long-standing contribution to Islamic finance research and education. "Durham has a history of over 30 years in Islamic finance research and has trained over 1,500 individuals through our summer school since 2006. "This new partnership will continue to train and inspire current and future leaders, upholding a tradition of thought, practice and leadership," she said. Running from 2025 to 2027, the ICM Summer School will offer one cohort annually, starting in the third quarter of 2025. Each cohort will include 15 participants in a month-long hybrid programme. The curriculum will cover key areas, including sukuk, Islamic equities, Shariah-compliant products, fintech, sustainability, regulatory frameworks, and product innovation. A core emphasis will be placed on the application of Maqasid al-Shariah principles to foster a more inclusive and resilient Islamic capital market. Targeted at mid- to senior-level professionals with at least five years of experience in the Islamic finance industry, the programme combines online modules and a five-day in-person masterclass at Durham University. Graduates will receive joint certification from the SC and Durham University.
Malaysian Reserve
30-06-2025
- Business
- Malaysian Reserve
SC tightens rules on product governance to strengthen investor protection
THE Securities Commission Malaysia (SC) has introduced new Guidelines on Product Governance (PGG), as part of ongoing market and regulatory reforms aimed at strengthening investor protection and enhancing market integrity. The PGG, announced on June 24, focuses on improving conduct in the capital market by setting out principles and requirements for product issuers and distributors when designing and offering unlisted capital market products. The initiative is intended to promote responsible product development, encourage transparency and ensure that investors' interests remain at the centre of capital market activities. The SC said that among its key provisions, the PGG 'requires product issuers and distributors (firms) to prioritise investors' interests when designing and distributing unlisted capital market products, reflecting this in its controls, policies and procedures (CPPs)'. Firms will need to establish CPPs that not only enhance product suitability for intended target markets but also proactively identify and mitigate potential harm to investors. In addition, the guidelines place 'greater emphasis on board and management's responsibilities by holding them accountable for product design and distribution', while mandating a collaborative relationship between product issuers and distributors to share information on the appropriateness of target markets. This is aimed at ensuring that products continue to meet their intended purpose over time. The SC chairman Datuk Mohammad Faiz Azmi underscored the importance of the new framework in reinforcing the regulator's commitment to responsible innovation. 'The PGG adopts a principle-based approach, allowing firms to implement their product governance framework that best suits their business model while still achieving its desired regulatory outcomes,' he said. Mohammad Faiz added that the adoption of an effective product governance framework is crucial in maintaining trust across the capital market. 'By implementing an effective product governance framework, firms will also be able to demonstrate their commitment to ethical and responsible business practices, which is key to building trust in investors and regulators,' he said. The SC highlighted that the guidelines had been developed following benchmarking of international practices and feedback from the industry. The PGG will apply to unlisted capital market products, with certain exemptions for ordinary shares, over-the-counter derivatives, venture capital or private equity funds, and products offered on platforms operated by recognised market operators. To allow sufficient preparation, the guidelines will come into effect on Jan 2, 2026. The SC encouraged product issuers and distributors to submit any queries regarding the PGG to [email protected]. — TMR This article first appeared in The Malaysian Reserve weekly print edition
The Sun
24-06-2025
- Business
- The Sun
Securities Commission launches Guidelines on Product Governance
PETALING JAYA: The Securities Commission Malaysia (SC) today introduced the Guidelines on Product Governance (PGG), aimed at strengthening investor protection as well as encouraging responsible product development and distribution in the capital market. This initiative is part of the SC's market and regulatory reforms towards enhancing industry conduct and market integrity. Among others, the PGG requires product issuers and distributors (firms) to prioritise investors' interests when designing and distributing unlisted capital market products, reflecting this in its controls, policies and procedures (CPPs); firms to put in place CPPs that improve product suitability for the intended target market and proactively identify and prevent potential harm to investors; places greater emphasis on board and management's responsibilities by holding them accountable for product design and distribution; and requires collaborative relationship between the product issuers and distributors to share information in respect of the appropriateness of target market to ensure the product continues to serve its intended purpose. SC chairman Datuk Mohammad Faiz Azmi said the PGG reinforces the SC's efforts in promoting responsible product innovation and distribution. 'The PGG adopts a principle-based approach, allowing firms to implement their product governance framework that best suits their business model while still achieving its desired regulatory outcomes.' Mohammad Faiz remarked that it is crucial in protecting investors' interests and driving responsible innovation. 'By implementing an effective product governance framework, firms will also be able to demonstrate their commitment to ethical and responsible business practices, which is key to building trust in investors and regulators,' he said. The PGG, which had taken into consideration benchmarked practices and industry feedback, will apply to unlisted capital market products1 except for ordinary shares, over-the-counter derivatives contracts, venture capital or private equity funds and products offered on platforms operated by a recognised market operator. To facilitate a smooth transition, the PGG will come into effect on Jan 2, 2026, giving firms ample time to familiarise themselves with the requirements and prepare for compliance. Product issuers and distributors are encouraged to submit any queries regarding the PGG to PGGuidelines@
BusinessToday
20-06-2025
- Business
- BusinessToday
Malaysia's GDP Growth Forecast To Slow To 4.3%, BNM Expected To Cut OPR: ICAEW Report
FMIP Malaysia's economy is expected to decelerate in 2025 as external challenges mount, according to the latest Southeast Asia Economic Insight Q2 2025 report by the Institute of Chartered Accountants in England and Wales (ICAEW). The report forecasts Malaysia's GDP growth to slow to 4.3% this year from 5.1% in 2024, citing global trade tensions and waning demand from key partners such as the US and China. Despite a strong start to the year, with goods exports surging 26% year-on-year in April, ICAEW cautions that this uptick is largely due to front-loaded shipments to the US ahead of anticipated tariff hikes. Export growth is expected to cool significantly in the second half of the year, after already slowing to just 1.6% year-on-year in Q1 2025, well below the 7.1% average recorded over the previous three quarters. Malaysia's reliance on global trade—especially with the US, which directly or indirectly accounts for over 4% of GDP and 11% of gross exports—makes it vulnerable to tariff risks. While the US has softened its proposed blanket tariff rate on Malaysian imports to 10% from 24%, the measure still poses a threat to exporters. Meanwhile, weaker demand from China, Malaysia's top export destination, adds further pressure. However, ICAEW sees some bright spots supporting Malaysia's economy: Electrical and Electronics (E&E) exports remain robust, rising about 20% year-to-date on sustained global demand, reinforcing Malaysia's key role in the semiconductor supply chain. The tourism sector continues to rebound, with ASEAN tourists—who made up 67% of arrivals in 2024—driving a 17% year-on-year increase in tourism-related services exports in Q1 2025. 'ASEAN's strength lies in its unity,' said Dato' Mohammad Faiz Azmi, Executive Chairman of the Securities Commission Malaysia and ICAEW Council Member. Speaking at the ASEAN Investment Conference 2025 in Kuala Lumpur, he stressed the importance of regional cooperation in navigating global uncertainties. Monetary Easing Expected to Support Domestic Demand With fiscal space limited due to elevated public debt, ICAEW expects Bank Negara Malaysia (BNM) to take the lead in stimulating the economy. Subdued inflation—hovering around 1.5%—has created room for the central bank to cut its Overnight Policy Rate (OPR) by 50 basis points later in 2025. BNM has already adopted a more accommodative tone to counter risks from softening investment and consumer sentiment. The report highlights a broader economic deceleration trend across key indicators from March 2022 to March 2025, including: Slower GDP growth Weakened private consumption Moderated goods and services exports Nonetheless, ICAEW believes Malaysia's economy will stay on track, thanks to timely policy measures and resilient performance in strategic sectors. Singapore and China Also Facing Slowdowns The ICAEW report also provided updates on other major regional economies with Singapore where GDP contracted 0.6% quarter-on-quarter in Q1 2025, dragged by weak manufacturing and wholesale trade. A temporary export surge in April (+25% YoY) has likely delayed a technical recession. Full-year GDP is forecast at 1.8%, down from 4.4% in 2024, with policy buffers helping cushion the slowdown. As for China, GDP growth is projected to slow to 4.4% in 2025 (2024: 5.0%) amid continued weakness in property, investment, and consumption. Trade truce with the US offers short-term relief, but future tariff uncertainty and deflationary pressures persist. ICAEW adds that Southeast Asian economies need to remain agile, cohesive, and proactive in policy responses to maintain resilience and long-term growth. Related
