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Shariah Governance in Islamic Wealth Management: A Learning Lesson from

Securities Commission Malaysia

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Shariah Governance in Islamic Wealth Management:

A Learning Lesson from Securities Commission Malaysia

Nor Razinah Mohd Zain1, Prof. Dr. Rusni Hasan2 and Assoc. Prof. Dr. Salina Kassim3
1 Doctor of Philosophy (Law) Candidate, Ahmad Ibrahim Kulliyyah of Laws,

International Islamic University Malaysia

2 Professor, IIUM Institute of Islamic Banking and Finance,

International Islamic University Malaysia

3 Associate Professor, IIUM Institute of Islamic Banking and Finance,

International Islamic University Malaysia

Abstract
Recently, the Islamic wealth management (IWM) was introduced as a new area of
service operation that closely related to Islamic financial services industry (IFSI) and
Islamic capital market (ICM). The main factor for the development of IWM can be
attributed to the continuous and increasing interests from the IFSI and ICM
stakeholders. Regardless of the stakeholders’ religious orientation, the IFSI and ICM that
stand with Shari’ah-compliant and asset-backed structure have a high potential to
become lucrative channels for investments. Such continuous demands from both
Muslim and non-Muslim investors for IFSI and ICM would help to support further
development of the Islamic fund and wealth management sector globally. Looking in
depth into the Islamic Fund and Wealth Management Blueprint issued by the Securities
Commission (SC) Malaysia in 2017, this research qualitatively investigates the traces of
Shariah governance in the Islamic wealth management. The roles of SC Malaysia as the
main regulator of ICM are essentially needed to be appreciated. The Shariah governance
is important in solving Shari’ah-compliance issues in relation to IWM. Findings from
this research would help to provide inputs to support further development of the IWM
industry in Malaysia, thus strengthening the country’s position as the Islamic finance
hub at the global level.

Keywords: Shari’ah compliance, Islamic wealth management, Shari’ah governance,

Securities Commission Malaysia, Islamic finance.

1. Introduction

Reaching towards 30 years of experiences, the development of Islamic financial services

industry (IFSI) and Islamic capital market (ICM) continues to grow progressively.
Malaysia has been one of forefront countries that actively involved in innovating IFSI
and ICM with significant numbers of amended laws, policies and practices. Since 1984,
the IFSI and ICM in Malaysia have achieved remarkable achievements in introducing
Islamic based financial services system and capital market to the world. Different from

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the conventional financial services and capital market, IFSI and ICM are regulated by the
existing laws and strict adherence to the Shari’ah principles.

Recently, another progressive step is taken by the Malaysian regulators to boost the
growth of the industry, both locally and internationally. They introduced their first
Islamic Fund and Wealth Management Blueprint (IFWMB) and it is the first of its kind
globally (IFWMB, 2017). In the next 5 years, the Malaysian regulators aim to make and
strengthen Malaysia’s position as the IFSI and ICM centre locally and globally.
Additionally, they are progressively positioning Malaysia to become an international
services provider for Islamic wealth management (IWM) by having the IFWMB. With
strong supports from Securities Commission Malaysia (SCM) as the main regulatory
authority, the IFWMB was formally launched by Second Second Finance Minister Johari
Abdul Ghani during the International Fund Forum 2017 (Qatar Tribune, 2017).

The IFWMB demonstrates the seriousness of the Malaysian regulators to maintain the
position of Malaysia in their continuing leadership of the global IFSI and ICM industry
(IFWMB, 2017). The IFWMB is also functioned as a growth driver in enhancing their
IFSI and ICM industry and any related value propositions. This is necessary for sake of
sustainability and relevancy of the said industry in the global finance market. Malaysia
is clearly has advantages in achieving the objectives of the IFWMB. Such advantages
depend heavily on their established features, such as: (i) their comprehensive financial
and services ecosystem that enable formal recognitions of ICM businesses and
transactions worldwide; (ii) the facilitative regulatory system; (iii) Shari’ah governance;
(iv) legal and tax framework; (v) various products and services; and (vi) diverse
participations in and from both domestic and international services providers and
financial institutions. Currently the IFSI and ICM industry in Malaysia is reaching
towards trillion ringgit valued, with ICM is projected to increase to RM2.9 trillion in
2020 (Mohd. Zain and Hassan, 2017). According to Malaysian Prime Minister, Dato Sri
Haji Mohammad Najib bin Tun Haji Abdul Razak (IFWMB, 2017), the IFWMB has the
essential role to establish close connection between the principles of Islamic finance
and the modern concept of sustainable and responsible investment (SRI). SRI is
prominently accepted and gains interests in larger area of the global finance market.

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The purpose of this paper is to qualitatively investigate the traces of Shari’ah

governance in the Islamic wealth management through IFWMB. The presentation of
this research is organised as follows. After the introductory section, the second
section explains about the Islamic wealth management in Malaysia. The third section
provides the discussion about Shari’ah governance. By referring to CLASS (Culture,
Leadership, Alignment, Systems and Structure) approach of corporate governance, the
fourth section provides the discussion on the traces of Shari’ah governance in
operations of Islamic capital market. The fifth section provides the recommendations
for strengthening Shari’ah governance in relation to Islamic wealth management. The
sixth section provides the conclusion of this research.

2. Islamic Wealth Management

Islamic wealth management or IWM can be easily understood as the common term used
in Islamic capital market to indicate all related management and investment-based
activities that are done in accordance to the Shari’ah principles. According to Sandwick
(2008), it is a part of Islamic asset management studies which recently accepted by
practitioners and academicians to stand with its own discussions. IWM is also a
management strategy or tool that can be used by an investor to manage his wealth
based on the established Shari’ah principles (Bello and Maiyaki, 2013). When IWM is
referred to, it is aimed at Shari’ah compliance nature which legally different due to its
strict avoidances from any prohibited elements such as interests, uncertainty and
excessive risks, and gambling. IWM is also related closely to the concept of creation of
wealth in Islam and Islamic worldview (Mohd. Zain and Hassan, 2017; Al-Abbadi and
Abdullah, 2017).

IWM is the latest new area of operational service that can be found in IFSI and ICM
industry. The contributing factors for developing IWM are mainly due to (i) the high
interests from the stakeholders of the IFSI and ICM industry; (ii) the continuous
demands from the investors globally towards the development of Islamic fund and
wealth management sector; (iii) the increase of sukuk issuances worldwide that
generate unlimited prospect of wealth; and (iv) the increase of global Islamic funds
worldwide. Based on the latest report, the global Islamic funds under management are

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expected to value at USD77 billion by 2019 (Thomson Reuter, 2015). Malaysia and
Saudi Arabia are said to hold up to 69% of the said total Islamic funds under
management (Thomson Reuter, 2015). Therefore, it is timely to consider IWM properly
in the IFSI and ICM industry because IWM has high potential to boost the IFSI and ICM
industry further and beyond any expectation. According to Mohd. Zain and Hassan
(2017) and Lim (2008), the IWM is credible to be utilised in providing end-to-end
solutions in both of IFSI and ICM industry by using the available products and services
in generating more profits, and at the same time, they are in compliance with the
Shari’ah principles.

3. Shari’ah Governance

According to Islamic Financial Services Board or IFSB, Shari’ah governance is defined as

“a set of institutional and organisational arrangements through which Islamic Financial
Institutions (IFIs) ensure that there is an effective independent oversight of Shari’ah
compliance over the issuance of relevant Shari’ah pronouncements, dissemination of
information and an internal Shari’ah compliance review” (IFSB-10, 2009; Mizushima,
2014). By referring to IFSB-10, Shariah compliance indicates “to describe financial
activities and investments that comply with Islamic law which prohibits the charging of
interest and involvement in any enterprise associated with activities and products
forbidden by Islamic law” (IFSB-10, 2009; Mizushima, 2014). In matter of structures,
institutional and organizational arrangements, the Shari’ah governance remains flexible
in nature. By viewing the practices of countries (Zulkarnain, 2014), the concept of
Shari’ah governance remains flexible and can be applied in any organizational
arrangements or structures, as long as the Shari’ah principles are observed. Even if the
institutions or companies have already implemented their corporate governances, the
Shari’ah governance can be absorbed to their existing systems and enhanced their
existing corporate governances.

The early traces of Shari’ah governance in the IFSI and ICM industry in Malaysia can be
traced back to the Shari’ah Governance Framework for Islamic financial institutions or
SGF 2010. There is no definite definition of Shari’ah governance provided in SGF 2010.
Under SGF 2010, the Shari’ah governance can be considered applied when it meets

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three main objectives, which are: (i) the Islamic financial institutions follow the
requirements of the Central Bank of Malaysia or BNM by having Shari’ah governance
structures, processes and arrangements to ensure that all of their operations and
business activities in line with the Shari’ah principles; (ii) when the Board of Directors
(BOD), Shari’ah Committee and management of the Islamic financial institutions
successfully discharged their duties in matters relating to Shari’ah issues; and (iii)
complete the outlined functions in relation to Shari’ah review, Shari’ah audit, Shari’ah
risk management and Shari’ah research (SGF, 2010). Under the SGF 2010, the BNM
acknowledges the existence of two-tier Shari’ah governance infrastructure that
comprises two main components. They are: (i) the centralized Shari’ah advisory body at
the BNM (Central Bank of Malaysia Act, 2009) and (ii) the internal Shari’ah committee
that is established in each Islamic financial institution (Islamic Financial Services Act,
2013).

The SGF 2010 is only applicable to all Islamic financial institutions that are established
in Malaysia and not extended to the Islamic capital market. However, this does not
mean that Islamic capital market in Malaysia that is under the curfew of Securities
Commission Malaysia or SCM does not give emphasis on Shari’ah governance and
corporate governance. Since the operations of Islamic capital market is different from
the Islamic financial services system, the implementation of Shari’ah governance and
corporate governance under the SCM is also different. However, this does not mean
Shari’ah governance is not in existence in relation to ICM and IWM.

4. Traces of Shari’ah Governance in Operations of Islamic Capital Market for

Islamic Wealth Management: CLASS Approach

Recently, the SCM introduced Malaysian Code on Corporate Governance or MCCG 2017
for accountability and transparency. The MCCG 2017 concerns about the internalization
of corporate governance culture for those listed companies and also those non-listed
entities. Such non-listed entities are: (i) state-owned enterprises; (ii) small and medium
enterprises or SMEs, and (iii) licensed intermediaries (MCCG, 2017). In promoting
corporate governance culture, the MCCG 2017 provides 36 practices that are suitable to

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support the main principles of the Code. The principles are: (i) board leadership and
effectiveness; (ii) effective audit, risk management and internal controls; and (iii)
corporate reporting and relationship with the stakeholders.

Unlike the Central Bank of Malaysia as the public regulator, the SCM cannot have direct
intervention towards the internal affairs of the companies. In relation to corporate and
Shari’ah governance, their implementations are flexible and depended on the decisions
of the listed companies and non-listed entities. If they are founded under the Companies
Act 2016 or CA 2016, the implementation of corporate and Shari’ah governance are
heavily depended on their Memorandum of Associations and Articles of Association, the
BOD’s direction and structures of their establishment. Instead of focusing on the
internal implementation of corporate and Shari’ah governance by the listed companies
and non-listed entities in the Islamic capital market, the traces of Shari’ah governance is
explored by referring to the operational system of Islamic capital market itself. This can
also be considered as the external implementation of corporate and Shari’ah
governance of Islamic capital market. However, this research is only focusing on the
Shari’ah governance per se.

4.1 What is CLASS Approach?

In identifying the traces of Shari’ah governance in operations of IWM in Malaysia, the

researchers choose to refer to CLASS approach. CLASS is an abbreviation for culture,
leadership, alignment, systems and structure. All the five elements are related to each
other. CLASS is an integrated strategic risk management and corporate governance that
consist of the said five elements (Drew et. al., 2006). According to Drew et. al. (2006),
the CLASS approach should be considered to support the corporate governance and
systematically deal with risks in management. Under the CLASS approach, the five
elements can be understood in brief, as the followings:

 Culture: the manifestation of practices in the organization that is related to the

existing system. Such practices are influenced by leadership, alignment and
structure. Such practices can be either good or bad. Good practices may lead to
less risky management and proper corporate governance. Bad practices can lead

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to higher risks and deviation from the corporate governance. According to Drew
et. al. (2006), such bad practices can be: (i) unethical behavior; (ii) excessive
internal rivalry; (iii) intolerance of failure; (iv) propensity for risk-taking; and
(v) prosecution of people who speak up or whistleblower. The intolerable
culture can be changed such as through new and stronger controls; system
restructuring; education; and creating effective communication programs (Drew
et. al., 2016).
 Leadership: it is related to the practices of the leaders in managing the entire
organization. While meeting the set goals or objectives, the leaders must be clear
about the mission and vision of the organization. At the same time, the
objectives, mission and vision must be rational. They must be able to be
followed by the followers. It is found by Flynn and Staw (2004), a charismatic
leadership can influence external supports for the organization and good for
reputation.
 Alignment: it is an indication of the proper adjustment in the organization’s
system. Majorly, alignment in organization depends heavily on the cooperation
within the established system, the decision making of the leadership, and the
compliance to the existing laws. The alignment can be improved such as by “(i)
ensuring strategy-making processes align with performance objectives, risk
propensity and regulatory demands; (ii) aligning organizational changes and
structural redesign with regulatory compliance; … (iii) designing new
information and knowledge management systems…” (Drew et. al., 2006).
 System: it is referred to the system that is adopted and used by the organization.
Here again, it is influenced by the decision making of the leadership, and the
fulfillment of the required regulatory and laws.
 Structure: it refers to the arrangement that is built within the organization that
determines the relationship, responsibilities, rights and duties of the
stakeholders within the organization’s system.

Instead of focusing on the corporate governance, the researchers are tracing the
existence of the said five elements in identifying the Shari’ah governance in the
operation of Islamic capital market for IWM. By doing so, the researchers will also
simultaneously identify the Shari’ah compliance nature of the operation in the Islamic

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capital market. This is done to make the analysis to be structured and focused, while
achieving the objectives of this research.

4.2 Shariah Governance of Islamic Wealth Management

The Shari’ah governance of IWM is entirely depended on two main phases, which are:
(i) external phase: it is the external operation of the organisation itself that can either be
the listed companies or non-listed entities. It is also can be considered the regulatory
phase where the researchers look at the operation and organisation structure of the
Islamic capital market itself under the curfew of Security Commission Malaysia or SCM.
(ii) Internal phase: it is the internal operation of the organisation itself. Depends on the
organisation’s structure and operation, the existence of Shari’ah governance is entirely
flexible. This is depended on their establishment (Memorandum of Association and
Articles of Association), the BOD and the management themselves. Based on a research
done by Mohd. Zain (2017), the legal awareness and understanding of the top
management of the organisation can influence their decision making. Their decision
making as the leadership of the organisation may directly or indirectly leads to the
change of culture and practices of their staffs.

Looking specifically into the external phase, it is traceable that the Shari’ah governance
of IWM entirely depends on the SCM’s two tier levels of Shari’ah advisory scheme. Close
to SCM, the Shari’ah Advisory Council is established at the national and industry level.
The main function of Shari’ah Advisory Council of SCM is to ensure proper coordination
of activities that are related to the trading of securities in the Islamic capital market.
This Council was established in 1996 by virtue of Securities Commission Act 1993. They
are the main reference for the SCM in dealing with issues related to Shari’ah principles.
The Shari’ah Advisory Council of SCM is also responsible to carry out the Shari’ah
screening process and approves the applications for compliance status. Other functions
of the Shari’ah Advisory Council of SCM are: (i) service of advisory, (ii) analyse the
products of Islamic capital market, (iii) introduces new Shari’ah complaince products,
and (iv) issues the relevant resolutions and Shari’ah rulings that related to the Islamic
capital market. Moreover, the

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At the organisation level, the distinction between the Islamic capital market and
conventional capital market can be traced from the requirement stipulated by the SCM,
where the organisation needs to appoint Shari’ah advisors within their organisation
(SCM, 2017). The appointed Shari’ah advisors are independent from the organisation’s
management and BOD, but stand as a part of their organisation’s system. The
appoitment of Shari’ah advisors is essential for: (i) to ensure that the management and
operation of the organisation fulfill the Shari’ah compliance requirements as required
by the existing laws and SCM; (ii) to ensure that their business and policies fulfill the
Shari’ah compliance requirements as required by the existing laws and SCM; (iii) to
ensure that the organisation complies with required processes stipulated under the
SCM’s guidelines and laws; and (iv) to ensure that their BOD and management follow
the stipulated resolutions issued by the Shari’ah Advisory Council of SCM. The
appointed independent Shari’ah advisors are also required to register with the SCM
(Registration of Shari’ah Advisors Guidelines, 2009).

In relation to the organisation’s management, they can appoint a specific Shari’ah

executive or unit in ensuring the smoothness of communication between the BOD and
management with the independent Shari’ah advisors. Currently in practice, the said task
falls under the responsibility of the organisation’s managers or legal executives or
compliance officers. This is, however, depended on the structures of the organisations
that remain flexible and subject to their establishment such as under CA 2016. In a
matter of a good practice also, it is important for the organisation to have internal audit
unit and internal risk management. Such practices have the potentials to improve
transparency and accountability.

It is important to note that the SCM has no authority to force the organisation to invest
in any type of the ICM’s products. However, the SCM has the positive influences in
regulating, advising, and guiding the organisation in their IWM through their
participations in the ICM. This can either be: (i) direct influence of SCM to their
organisation such as through guidelines or (ii) indirect influence of SCM through SCM’s
plannings such as the IWMBP (IFWMB, 2017).

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By using CLASS approach, we can identify the traces of Shari’ah governance in the IWM
through the operation and structure of ICM:

 Culture: SCM is always committed in sustaining confidence and trust of the

investors for both Islamic and conventional capital market (The Edge Weekly,
2009). This culture is supported evidently from the SCM’s regulatory functions,
especially for licensing and supervising the licensed persons that involved in
ICM. This culture that is promoted by the SCM does not go against the principles
of Shari’ah and can be considered as a part of their Amanah or fulfilling the
trusts from the stakeholders, especially the investors. The SCM provides a unit
known as “investor affairs” that specifically focus on the protection of investors
and educating them about both Islamic and conventional capital market. They
also provide a protection for whistleblowers, but subject to Securities

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Commission Act 1993, Capital Markets and Services Act 2007 and
Whistleblower Protection Act 2010.
 Leadership: As a public regulatory authority, the leadership of SCM is set by the
existing laws, especially the Capital Markets and Services Act 2007. Moreover,
the SCM is clear about their mission and vision. They are also stood with
experienced and qualified Chairman and officers. Moreover, those who are
involved in Islamic capital market have qualifications with Shari’ah background
(Registration of Shari’ah Advisors Guidelines, 2009; Section 377 Capital Markets
and Services Act 2007).
 Alignment: The alignment of Shari’ah governance in the operation of ICM in
Malaysia is unique in nature. Depending on the two-tier levels of Shari’ah
advisory, the alignment of the system is basically derived from regulatory
foundation of the existing laws. In tracing the Shari’ah governance in IWM, the
regulatory based alignment that can be found in ICM may either directly and
indirectly influences the IWM of the organization. The involvement of the
independent Shari’ah advisors in identifying any ICM’s products that suitable for
the organization’s investment can be considered as a part of direct step of
Shari’ah governance in relation to IWM. Moreover, the resolutions of the SC
Shari’ah Advisory Council that authorize the permissibility of the ICM’s products
can be considered as an indirect step of Shari’ah governance in IWM of the
organization.
 System: As for the system, even though it is subjected to the organisation’s BOD,
management and the legal basis of its establishment, the regulations of SCM
already set for them to have a compulsory internal Shari’ah advisor. Such
internal Shari’ah advisor has crucial roles in determining the Shari’ah
compliances and requirements for the organization’s activities and business.
The said activities and business can directly affect the organisation’s IWM and
their creation of wealth. The Shari’ah advisor must always stands as
independent without any influence or pressure from the organisation’s
leadership i.e. the BOD or management in fulfilling his or
her duties.
 Structure: Under the ICM in Malaysia, there is no direct link between the SC
Shari’ah Advisory Council at the national/industry level with the independent

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Shari’ah advisor at the organization level. However, the structure of Shari’ah

governance is built based on the fulfillment of the existing laws. The structure of
the Shari’ah governance is apparent where the Shari’ah advisor’s decision can
never supersede the rulings or decisions made by the SC Shari’ah Advisory
Council. By having so, the decisions of the Shari’ah advisor can be monitored and
subjected to the review of the SC Shari’ah Advisory Council. In relation to IWM
of the organization, this is important to ensure the Shari’ah compliance of the
activities and business that bring about the creation of wealth and its
management.

6. Recommendations

In strengthening the Shari’ah governance in IWM, the researchers would like to

recommend to:

(a) Securities Commission of Malaysia or SCM:

(i) to establish a specific department or unit under their supervision for

Islamic wealth management and services. This is necessary for proper
supervision and control over any issues relating to IWM in the sphere of
ICM;

(ii) to encourage the organisations either listed or non-listed to establish

their own IWM unit or at least to appoint an officer in-charged for IWM’s
matters. By doing so, the talents for IWM in Malaysia can be nurtured. It is a
good preparation in making Malaysia as the global centre for IWM; and,

(iii) to issue a specific code for Shari’ah governance. Such code is important
to become a reference for the organisation that interested to invest in the
ICM or to upgrade their structure in compliance with the Shari’ah principles,
just like MCCG 2017.

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(b) Organisations that participate in the ICM that either listed or non-listed:

(i) to strengthen their Shari’ah and corporate governance in their internal

organization and management;

(ii) to avoid any influence or pressure towards their appointed Shari’ah advisor;

(iii) to supply all the necessary information to the appointed Shari’ah advisor
with transparency and accountability.

7. References

Al-Abadi, Ahmed Hamed & Abdullah, Adam. (2017). Modeling Psychology in Islamic
Wealth Management. International Journal of Economics and Finance 9 (10), 64.

Bello, Garba B. & Maiyaki, Ahmed A. (2013). Islamic Wealth Management. Readings in
Islamic Banking and Finance.

Bilah, M.M. (2012). Islamic Wealth Management and World View. Scientific Publishing
Centre, King Abdulaziz University, Jeddah.

Capital Markets and Services Act 2007

Central Bank of Malaysia Act 2009

Companies Act 2016

Drew, S. A., Kelley, P. C., Kendrick, T. (2006). CLASS: Five elements of corporate
governance to manage strategic risk. Business Horizons (49), 127-138.

Flynn, F. J., & Staw, B. M. (2004). Lend me your wallets: The effect of charismatic
leadership on external support for an organization. Strategic Management Journal,
25(4), 309–330.

Greenleaf, R. K. (1977). Servant leadership: A journey into the nature of legitimate

power and greatness. New York, Paulist Press.

Islamic Financial Services Act 2013

Islamic Financial Services Board. (2009). Guideline of IFSB-10.

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McNamara, P. (2009). Islamic Wealth Management. Yasaar Media. Dubai, UAE.

Wilson, R. (2012). Islamic Asset Management. A Research Working Paper, Durham
University, UK.

Mizushima, Tadashi. (2014). Corporate Governance and Shari’ah Governance at Islamic

Financial Institutions: Assessing from Current Practice in Malaysia. Reitaku Journal
of Interdisciplinary Studies 3 (1), 59-84.

Mohd. Zain, Nor Razinah, & Hassan, Rusni. (2017). Islamic Wealth
Management from a Maqasid-based Perspective: A Case Study of
Malaysia. A paper presented at International Islamic Fund and Wealth
Management Forum (IIFWMF), IIiBF, IIUM, Malaysia, 2-3 May 2017.
(Unpublished)

Mohd. Zain, Nor Razinah. (2017). The Effectiveness of Dispute Resolution Processes in
Islamic Finance Contracts in Malaysia. Unpublished doctoral dissertation,
International Islamic University Malaysia, Kuala Lumpur.

Official Website of Securities Commission Malaysia. (2017). Kuala Lumpur, Malaysia.

Qatar Tribune. (2017). Malaysian Islamic Fund and Wealth Management Blueprint.
Qatar.

Sandwick, John A. (2008). Islamic Wealth Management.

Securities Commission Act 1993

Securities Commission Malaysia. (2009). Registration of Shari’ah Advisors Guidelines

2009. Kuala Lumpur, Malaysia.

Securities Commission Malaysia. (2017). Malaysian Code on Corporate Governance.

Kuala Lumpur, Malaysia.
Securities Commission. (2017). Islamic Fund and Wealth Management Blueprint. Kuala
Lumpur, Malaysia.

The Central Bank of Malaysia. (2010). Shari’ah Governance Framework. Kuala Lumpur,
Malaysia.

The Edge Weekly. (2009). Securities Commission Malaysia.

Thomson Reuter. (2015). Securities Commission Malaysia.

Whistleblower Protection Act 2010.

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