Competency Title:

Islamic Capital Market Regulations

Competency Type:


Competency Description

This competency refers to the ability to understand and apply the knowledge of the regulatory framework related to Islamic Capital Market (ICM). The scope includes the knowledge of Shariah principles and requirements to ensure product and service offerings are Shariah-compliant.

Level 1 - Awareness

Level 1

• Recognise the type of Shariah principles applied in the capital market.
• Recognise the Shariah rules in business transactions.
• Recognise the differences between Islamic and conventional business.
Level 2 - Knowledge

Level 2

• Explain the Shariah principles and concepts pertaining to the ICM.
• Outline the laws and regulations applicable to the ICM in Malaysia.
• Identify the various bodies that govern the ICM in Malaysia.
Level 3 - Skill

Level 3

• Identify and explain the requirements for Shariah-compliant capital market products and services.
• Outline the mechanism to determine and assure Shariah-compliant products and services.
• Take necessary actions to ensure the company meets ICM regulatory requirements.
Level 4 - Mastery

Level 4

• Establish and maintain internal policies and procedures to comply with Shariah requirements.
• Maintain the necessary structure and functions to ensure compliance with Shariah requirements.
• Review business processes and procedures for consistency with Shariah requirements.
Level 5 - Expert

Level 5

• Engage with regulators and contribute to the improvement of rules and regulations in the ICM.
• Review and update internal policies and procedures to adapt to the changes in the rules and regulations on the ICM.
• Advice and clarify the Shariah perspective to resolve issues related to Shariah-compliant products and services.