SC Malaysia's March 2026 ICM revision opens a clearer DAX route for Shariah digital currencies--without yet creating a full tokenised ICM code

The clearest digital-Islamic amendment is new paragraph 38.07: a DAX operator that intends to offer a Shariah-compliant digital currency must obtain SAC endorsement before offering it.

The clearest digital-Islamic amendment is new paragraph 38.07: a DAX operator that intends to offer a Shariah-compliant digital currency must obtain SAC endorsement before offering it.

The revision also adds paragraph 38.06 and Appendix 17 for RMO submissions, widens existing carve-outs in paragraphs 23.08A and 38.00 for secondary trading of already-certified ICM products, and tightens Shariah-governance mechanics for registered Shariah advisers.

What the text does not do is establish a general live rulebook for tokenised sukuk, tokenised Islamic fund units, digital investment accounts, or stablecoin-like Islamic capital-market instruments. Those remain subject to other SC frameworks, SAC analysis, BNM boundary questions, and unresolved tokenised-CMP work.

The 30 March 2026 revision to the Guidelines on Islamic Capital Market Products and Services adds an explicit SAC-endorsement gate for DAX operators offering Shariah-compliant digital currencies and expands the recognized-market submission pack. It clarifies one digital route, but it does not by itself finalise a broad framework for tokenised sukuk, tokenised Islamic fund units, or other DLT-native Islamic capital-market instruments.