The 229th Shariah Advisory Council of the Securities Commission Malaysia Meeting (24 February 2020)

Conversion of Sukuk and Redeemable Convertable Unsecured Islamic Debt Securities (RCUIDS) Into New Ordinary Shares
of the Issuer

Several industry proposals relating to convertible sukuk structured based on the Shariah principles of ijarah and wakalah bi al-istithmar and redeemable convertible unsecured Islamic debt securities (RCUIDS) structured based on the Shariah principle of
murabahah were presented to the Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SC). The main Shariah issue discussed in those proposals was related to the conversion of sukuk and RCUIDS into new ordinary shares of the issuer (Conversion Shares).

This document belongs to Securities Commission Malaysia (SC). Full access to the original source is available here: https://www.sc.com.my/development/icm