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SC to release details of social exchange "soon", says chairman Awang Adek

Publish date: Tue, 28 May 2024, 09:48 PM

KUALA LUMPUR: The Securities Commission (SC) will soon release a detailed framework for the implementation of the social exchange (SE), says chairman  Datuk Seri Dr. Awang Adek Hussin.

In a statement today, Awang Adek said the framework will outline governance and assurance requirements to ensure that funds raised through the SE are used appropriately as intended.

"The proposed establishment of the country's first Social Exchange reflects the government's commitment towards a holistic development approach in nation building, in line with the Madani Economy framework to assist the needy segment of population. 

"By having a dedicated fundraising platform for projects with positive social outcomes, the SE will further facilitate mobilisation of private and philanthropic capital in meeting the needs of the underprivileged," Awang Adek added.

He added that new incentives under the Malaysia Co-Investment Fund (MyCIF) will be introduced to support fundraising for waqf development via equity crowdfunding and peer-to-peer (P2P) financing platforms. 

These incentives will benefit micro, small, and medium enterprises (MSMEs) undertaking waqf-related projects, particularly in the development of waqf land in the upstream agriculture and bio-economy segments.

"This will encourage more MSMEs to work with State Islamic Religious Councils in business ventures that aim for positive social outcomes, at the same time, contributing to the national food security agenda," Awang Adek said.

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