Monday, August 24, 2009

SC streamlines registration of Shariah advisers

The Securities Commission Malaysia (SC) has issued the Registration of Shariah Advisers Guidelines (Guidelines) which will make it easier for individuals and corporations providing advise on Islamic capital market products and services.
The guidelines will take effect on Aug 10, 2009.
Under the Guidelines, Shariah advisers can now, through a single registration, provide advice on all Shariah-based products and services regulated by the SC.
Prior to this, Shariah advisers have to register separately for each products and services based on the respective guidelines. The guidelines will supersede the various provisions on the eligibility and registration criteria outlined in other SC guidelines covering various Islamic products and services. They include guidelines of Unit Trust Funds and guidelines on the Offering of Islamic Securities.
The guidelines, among others, stipulate the criteria and procedures for registration and renewal, matters pertaining to registration and de-registration and continual professional development. (The Malaysian Reserve, Aug 11, 2009, p9)

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