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Application Procedures for Islamic Fund and Wealth Management

Foreign and local fund managers intending to set up a foreign Islamic fund management business in Malaysia are required to apply and register with the Securities Commission Malaysia (SC). Upon establishment of a foreign Islamic fund management company, they may then submit an application for a fund manager license.
Establishment Proposal
1.     Pre-submission consultation with SC
· Introductory and familiarisation meeting with the SC to discuss the applicant’s intended activities, needs and any other concerns that the applicant may have.
2.     Submission to the SC
· Financial soundness of the funds
· Compliance, internal audit and risk management capabilities
· Track record in fund management activities and geographical presence
· Brand value and expertise in various markets
· Proposed business model, as well as business plan and its value proposition
· Other relevant information as required by the SC.
3.     Evaluation on the Application by the SC
Assessment of the application including presentation on the business proposition to ensure compliance with relevant regulations and guidelines.
Licence Application
1. Submission for Licence
Once approval is granted for establishment, the applicant may proceed to a licensing application in accordance with the licensing handbook
Application Forms
Application forms required for the establishment of a foreign Islamic fund management company:
·  Application form for establishment of foreign fund management companies under the special scheme.
·  Application form to act as a management company to a unit trust fund.
·  Application form for the establishment of a unit trust fund.
·  Application form for establishment of a restricted investment scheme.