Regulatory Alerts2021-09-22
Summary of Amendments to the Guidelines on Islamic Fund Management
The Securities Commission issued revised Guidelines on Islamic Fund Management on 22 September 2021 to introduce new requirements for tax exemption certification and align Shariah adviser appointment rules with other regulatory frameworks. The amendments expand the roles and responsibilities of Shariah advisers while mandating that fund management companies ensure employee assistance in their duties. Additionally, the revision incorporates specific tax orders and submission documents for Shariah-compliant fund certification into the updated appendices.
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