Securities Commission Malaysia has issued a Guidance Note on Sukuk to strengthen how sukuk issuances are aligned with Maqasid al-Shariah. The note is intended to move beyond a baseline Shariah compliance assessment by guiding Shariah advisers to take a broader view of value creation, including whether an issuance aligns with the issuer’s strategic objectives and with economic and societal outcomes. The guidance sets out the scope, applicability and key considerations for applying the Maqasid Al-Shariah Guidance Islamic Capital Market Malaysia within the sukuk ecosystem, including the roles of Shariah advisers and issuers. It provides illustrative indicators and guiding questions across six key aspirations and 15 underlying principles, covering the use of proceeds, sukuk structuring, governance, disclosure and inclusivity, and includes practical examples showing how Maqasid al-Shariah alignment can be assessed and articulated in practice. The measure forms part of the Capital Market Masterplan 2026–2030, and the commission encourages advisers and issuers to incorporate these considerations in structuring, use of proceeds and related disclosures while continuing to comply with applicable Shariah requirements, including resolutions of the Securities Commission Malaysia’s Shariah Advisory Council and other relevant guidelines.

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