Trading
Admission Guidelines
APPLICATION FOR REGISTRATION AS ISLAMIC PARTICIPATING ORGANISATION OF BURSA MALAYSIA SECURITIES BERHAD (“BURSA SECURITIES”)
All applicants are requested to carefully study the Best Practices in the Islamic Stockbroking Services Undertaken by Participating Organisations (“Best Practices”) before submitting their application. The Best Practices set out the requirements of Participants of Bursa Securities.
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Application to the Exchange
The applicant shall submit to Bursa Securities the cover letter detailing the approval sought addressed to Bursa Securities to establish and undertake Islamic stockbroking services either on a full-fledged or window basis. -
Application for Islamic Stockbroking Services
In order to undertake Islamic stockbroking services, the applicant is required to adhere to the requirements specified in the Best Practices in the Islamic Stockbroking Services Undertaken by Participating Organisations (“Best Practices”) set out in Bursa Securities ‘Participating Organisations’ Circular No. R/R 6 of 2016 dated 1 September 2016.
The applicant shall also submit the following documents for the purpose of the application:
Shariah Certification;
Policies and procedures manuals in undertaking Islamic stockbroking services;
Internal Audit Programme for Islamic stockbroking services;
Human resources training with respect to Islamic stockbroking services personnel; and
Appendices in accordance to the Best Practices:
Best Practices – R/R 6 of 2016 (optional);
Board Resolution on the establishment of Islamic stockbroking services;
Individual Islamic Account Application Form;
Corporate Islamic Account Application Form;
Proposed organisation chart for Islamic stockbroking services;
Comparison of product features (Conventional vs Islamic Trading Account);
Credit Control Operations;
Customer Service Operations;
Finance Operations (general, trade client accounts, payment, receipts, chart of account); and
Settlement Operations.
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Approval by the Securities Commission Malaysia (“SC”)
Bursa Securities will forward the application and its recommendation to SC for its decision. In the event that SC has no objection to the application, a letter indicating such decision will be issued to Bursa. -
Registration with Bursa Securities
Upon receipt of the no objection letter from SC, Bursa Securities will issue an approval letter to the applicant to carry Islamic Stockbroking activities.