The Waqf Amendments, which complement the Guidelines on Islamic Capital Market Products and Services issued by the Securities Commission on Nov 28, 2022, is part of the initiative to expand the Waqf-Featured Fund Framework to listed Islamic funds such as REITs and ETFs.
Under the Waqf Amendments, the exchange has enhanced the post-listing disclosure framework of Islamic REITs and ETFs to provide transparency on the waqf arrangement. It must come together with reasons for the changes, and provide interim updates on the income distributions chanelled for waqf purposes, in the quarterly report of the Islamic REIT or semi-annual report of the Islamic ETF.
“The expansion of the WQ-FF Framework is a welcome development in the listed fund space of the Islamic capital market.