THE Securities Commission Malaysia (SC) has issued a new Guidance Note on sukuk aimed at strengthening alignment with Maqasid al-Shariah as part of efforts to develop a more holistic and impact-oriented Islamic capital market.
Issued on June 29, 2026, the Guidance Note is an initiative under the Capital Market Masterplan 2026–2030 and supports the development of ethics-driven financial products within Malaysia’s Islamic capital market ecosystem.
While existing frameworks ensure Shariah compliance, the SC said the guidance expands the assessment of sukuk issuances by encouraging consideration of broader value creation, including issuers’ strategic objectives as well as economic and societal outcomes.
The document sets out the scope, applicability and key considerations for applying the Maqasid al-Shariah Guidance within the sukuk ecosystem, including the roles of Shariah advisers and issuers.
Maqasid al-Shariah refers to the higher objectives of Islamic law, which in Islamic finance go beyond technical compliance to focus on ethical intent and public benefit. In Malaysia’s sukuk and capital market context, it means ensuring financial instruments promote fairness, transparency, inclusive growth and societal value while avoiding harm.
It also provides structured indicators and guiding questions across six key aspirations and 15 underlying principles, covering utilisation of proceeds, structuring, governance, disclosure and inclusivity.
In addition, the guidance includes practical illustrations of sukuk issuances to demonstrate how alignment with Maqasid al-Shariah may be assessed and articulated in practice.
The SC encourages Shariah advisers and sukuk issuers to incorporate Maqasid Guidance considerations in structuring sukuk, utilisation of proceeds and disclosures, while continuing to comply with all existing Shariah requirements, including resolutions of the SC’s Shariah Advisory Council.
The full guidance note is available on the SC’s official website at [https://www.sc.com.my/regulation/guidance-notes-and-guiding-principles](https://www.sc.com.my/regulation/guidance-notes-and-guiding-principles). - June 29, 2026
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