
"In order to further facilitate internationalisation of the ICM, the SC will promote a shift from a Shariah-compliant approach to a Shariah-based approach where the underlying structures of products such as mudharabah and musharakah would originate from risk-sharing principles and offer significantly different pricing and returns characteristics.
There is a need therefore to focus on product innovation and development efforts that will provide a comprehensive array of Shariah-based products for the industry. Towards this end, there will be further development of the Shariah legal, regulatory and governance framework."
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