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 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.
Key takeaways
- • 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.
Trigger
Guidelines on Islamic Capital Market Products and Services (revised 30 March 2026)
On 30 March 2026, the Securities Commission Malaysia revised its Guidelines on Islamic Capital Market Products and Services and inserted a new paragraph 38.07 requiring a DAX operator that intends to offer a Shariah-compliant digital currency to obtain SAC endorsement before offering it.
Open source documentSN Desk view
Malaysia now has a named front door for Shariah-compliant digital currencies on regulated exchanges. Before this revision, whether a DAX operator needed separate Shariah Advisory Council sign-off was ambiguous. The new text removes the ambiguity: SAC endorsement is required before offering (new para. 38.07), and the submission pack is specified down to consensus mechanism and burning logic.
That matters because it converts Malaysia's Islamic digital-asset lane from a background SAC resolution into a documented approval workflow. The limit is equally clear: this revision covers digital currencies on DAXs, not tokenised sukuk, not tokenised fund units, not Islamic stablecoins. Those still sit across multiple SC frameworks with unresolved BNM boundary questions. For anyone planning broader tokenised Islamic issuance, the regulatory path is still being built.