Capital Market Masterplan 3: Strengthening Malaysia’s Islamic Capital Market for Sustainable Growth: Rencana Induk Pasar Modal 3: Memperkuat Pasar Modal Islam Malaysia untuk Pertumbuhan Berkelanjutan

Amirul Afif Muhamat; Mohamad Nizam Jaafar; Nor Azidah Mohd Zahari

doi:10.47663/ibec.v4i1.407

Authors

Amirul Afif Muhamat Faculty of Business and Management, Universiti Teknologi MARA
Mohamad Nizam Jaafar Universiti Teknologi MARA
Nor Azidah Mohd Zahari Universiti Teknologi MARA

DOI:

https://doi.org/10.47663/ibec.v4i1.407

Keywords:

Capital, financial, CMP3, finance, hub

Abstract

The Capital Market Masterplan 3 (CMP3), introduced by the Securities Commission Malaysia in 2021, provides a strategic five-year framework to advance Malaysia’s Islamic Capital Market (ICM). It aligns Shariah-compliant finance with global sustainability objectives, digital innovation and financial inclusion. This paper examines CMP3’s six strategic pillars catalyzing competitive growth; empowering investors; shaping the stakeholder economy; embedding shared accountability; prioritizing efficiency outcomes; and embracing technology and assesses their grounding in Maqasid al-Shariah and ESG principles. Drawing on qualitative policy analysis and market statistics, this study shows how CMP3 enhances market resilience, broadens access for MSMEs and mid-tier firms, and positions Malaysia as a global Islamic finance hub. This study concludes with recommendations to strengthen regulatory support, harmonize Shariah governance and accelerate digital transformation to realize CMP3’s vision fully.

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