The Securities Commission Malaysia (SC) today launched the 40 Hadiths book series on sustainability and ethical sales transactions to promote a deeper understanding of the Islamic perspective on sustainability and Islamic ethics in commercial transactions.
The publications, launched during the 3rd SC Nadwah of Shariah Advisers in Islamic capital market (ICM) (SC Nadwah), aim to enhance industry awareness and practical implementation. They mark a significant milestone in raising industry awareness on embedding the principles of Maqasid al-Shariah Guidance (Guidance) in ICM, specifically in areas such as environmental stewardship, responsible business, and trade practices.
The SC Chairman Dato’ Mohammad Faiz Azmi said internalising the Guidance encapsulated in these hadiths contributes to the development of a just, inclusive and sustainable economy.
“More importantly, the SC is committed to making Maqasid al-Shariah a fundamental framework for business dealings in ICM,” he said. “The outcomes that we are witnessing today is one of the approaches towards ensuring Islamic financial products and services are designed and implemented in a way that promotes the welfare of society and the environment,’’ he added.
The SC also announced the establishment of the Maqasid al-Shariah Task Force for ICM (MaTF), that will drive and streamline adoption of the Guidance across the Malaysian ICM. This includes identifying areas for strategic collaboration and innovation between regulatory bodies and industry players.
Members of the task force include Bursa Malaysia Berhad, the Malaysian Association of Asset Managers (MAAM), the Federation of Investment Managers Malaysia (FIMM), Malaysian Investment Banking Association (MIBA), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), the Islamic Banking and Finance Institute Malaysia (IBFIM), and the International Council of Islamic Finance Educators (ICIFE).
Established in 2023, the SC Nadwah serves as a convening platform for intellectual discourse on applied Shariah knowledge sharing and charting the next wave of innovative Shariah solutions among Shariah advisers and market practitioners.
This year’s SC Nadwah brought together over 200 stakeholders from the Shariah advisory ecosystem, including policy makers, government agencies, academia, Shariah advisers, State Islamic Religious Councils, State Mufti Departments and Islamic finance practitioners.
Speakers were renowned industry leaders in the Islamic finance space. They include esteemed Shariah scholar Sheikh Dr. Nizam Yaquby and Chairman of SC’s Shariah Advisory Council Professor Dato’ Dr. Aznan Hasan. Sheikh Dr. Nizam Yaquby, who serves on more than 30 Shariah boards globally, including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Islamic Development Bank (IDB), commended the SC’s efforts in organising the SC Nadwah.
He said the SC should continue with this initiative, which he says is an invaluable platform for fostering strategic dialogue and knowledge-sharing in advancing Islamic finance and in facilitating the growth and readiness of the industry to navigate future challenges.
The 40 Hadiths book series are now available for download at https://www.sc.com.my/resources/publications-and-research.
