null Application Procedures for Sukuk Issuance
Application Procedures for Sukuk Issuance
14 Jun 2013 | Friday
Foreign or local corporations require the approval of the Securities Commission Malaysia (SC) under the CMSA for issues, offers for subscription or purchase, making an invitation to subscribe for and purchase of sukuk.
Approvals in relation to the issuance or offer of sukuk from other regulatory bodies (such as the Controller of Foreign Exchange) must be obtained prior to the submission of the proposal to the SC. Applicable conditions (if any) imposed upon such regulatory bodies will continue to be in effect throughout the tenure of the sukuk.
Sukuk Issuance Procedure
- Appoint Principal Advisers and Shariah Advisers, as well as other experts, who may be required for the necessary due diligent exercises required for sukuk issuance proposals.
- Principal Advisers need to seek approval from the Controller of Foreign Exchange.
- Principal Adviser needs to obtain indicative rating from a rating agency recognised by the SC.
- Principal Adviser will submit the complete proposal for approval to the SC.