Securities Commission (SC) of Malaysia, Shariah Advisory Council (SAC), Shariah Screening Assessment Toolkit.
WHAT IS THE TOOLKIT
The Toolkit is a document with the following key contents:
- Screening methodology that has been endorsed by the SAC of SC to determine Shariah status of unlisted MSMEs3; and
- A series of assessment questions that are based on the methodology to guide users in determining Shariah status of unlisted MSMEs.4
WHO WILL BENEFIT FROM THE TOOLKIT?
The Toolkit is intended to benefit the ECF and P2P financing platform operators, Shariah advisers, as well as any interested parties.
DOES THE TOOLKIT TAKE INTO ACCOUNT THE QUALITATIVE ASPECT OF SHARIAH SCREENING METHODOLOGY?
No, the Toolkit is based on quantitative assessment.
DOES THE ASSESSMENT RESULT REQUIRE ENDORSEMENT FROM THE SAC OF SC?
No, the assessment result does not require endorsement from the SAC of SC.
IS IT MANDATORY FOR THE TOOLKIT TO BE ADOPTED BY ECF AND P2P FINANCING PLATFORM OPERATORS?
The ECF and P2P financing platform operators may adopt any methodology as advised by their Shariah adviser.
WHAT HAPPENS IF THE COMPANY IS CLASSIFIED AS SHARIAH-COMPLIANT?
The MSMEs that are classified as Shariah-compliant could raise Shariah-compliant funds through ECF and P2P financing platforms and attract investors seeking Shariah-compliant investments.