Who is this for?
An issuer is the company or other entity that issues the bond or sukuk to raise money from investors. Sukuk are Islamic capital-market instruments. This grant is relevant to an issuer with a qualifying issuance and external-review costs, and to the finance team or arranger helping it prepare the claim.
An external review is an assessment by a separate reviewer of the issuance's sustainability claims and alignment with the relevant framework. Depending on the instrument, it may examine eligible projects or assess performance targets and verify progress. The SC describes these roles in its SRI sukuk overview and SRI-linked sukuk announcement.
For an SME, start by establishing whether bond or sukuk issuance is a workable financing route. Discuss the amount needed, repayment cash flow, investor interest, full issuance costs and capacity to maintain sustainability records and reports with an arranger. A possible review-cost reimbursement alone is not a reason to issue. Our financing-route guide and readiness checklist can help you prepare.
What is the scheme's purpose, and who handles it?
The scheme helps lower external-review costs to encourage sustainable capital-market fundraising. The Securities Commission Malaysia (SC) established it, and Capital Markets Malaysia (CMM), an SC affiliate, administers it. The SC confirms these roles in its 2021 scheme announcement.
This website is an independent information guide. Your scheme enquiry and claim go to CMM.
Which instruments are listed as eligible?
The published eligibility schedule lists the following issuance categories and starting dates. These dates describe eligible issuances; they are not deadlines for submitting a claim.
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| Instrument category | Published qualifying issuance dates |
|---|---|
| Green SRI sukuk under the SC's SRI Sukuk Framework | From July 2017 |
| Social, sustainability or other SRI sukuk under that framework | From 25 August 2020 |
| Bonds under the ASEAN Green, Social or Sustainability Bond Standards | From 29 October 2020 |
| Bonds under the ASEAN Sustainability-Linked Bond Standards | From 28 October 2022 |
| SRI-linked sukuk under the SC's SRI-Linked Sukuk Framework | From 8 August 2022 |
Source: SC's published scheme infographic, also linked from its SRI resource hub. CMM's form describes the ASEAN green, social and sustainability bond route as bonds issued in Malaysia. A sustainability label on its own does not establish qualification. Ask your arranger and CMM to confirm your instrument and issuance date against the applicable terms.
Budget 2026 proposes adding sukuk and bonds that conform to the ASEAN Taxonomy for Sustainable Finance. The proposal and the older published eligibility schedule need to be reconciled with CMM before relying on that additional route. MOF, Appendix 11.
What costs could it cover?
The published scheme supports actual external-review costs relating to a qualifying issuance. Think of the reviewer's bill as a separate part of your financing budget. CMM scheme information.
The published scope does not provide support for buying equipment, constructing a building, running the project or repaying investors. It also does not establish reimbursement for your whole issuance budget, such as arranging, legal or credit-rating fees, or for general ESG consultancy and company-reporting assurance. Keep these separate from the external-review charge.
Ask CMM which review services qualify, especially where one invoice combines advice, a sustainability opinion, certification or later verification. For linked sukuk, the SC describes reviews before and after issuance; that requirement does not by itself establish that every later verification bill is reimbursable. Confirm treatment of taxes, travel, foreign-currency invoices and any costs already supported elsewhere. SC's linked-sukuk announcement.
How much support is published?
Two official publications need to be read together:
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| Publication | What it says | What to establish before claiming |
|---|---|---|
| CMM's currently linked form and scheme page | 90% of actual external-review cost, capped at RM300,000 per issuance | Whether these terms still govern your claim |
| MOF's Budget 2026 tax measures, Appendix 11 | Proposes 100% of external-review expenses, retaining the RM300,000 cap, alongside wider eligibility and a tax-exemption extension | The implementing conditions and applicable form |
Sources: CMM scheme page; MOF tax measures.
For illustration, an eligible RM100,000 review bill would produce a RM90,000 claim under the published 90% formula. This calculation is not an award or confirmation of the rate for a current application.
CMM describes claims for a single issuance or an issuance under a programme. A further issuance requiring its own separate external review may also support a claim for that review cost. Ask how CMM applies the cap to your programme and tranches, separate portions issued under it. Another tranche alone does not justify claiming the same review invoice again. CMM claimability information.
What do we know about the application period and availability?
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| Question | Position established by this check |
|---|---|
| Is a scheme published? | Yes. CMM publishes scheme information and links an application form. |
| Is an application period stated? | The form and SC infographic say January 2021 until the allocation is fully used. MOF's Budget 2026 proposal separately specifies applications received by SC from 1 January 2026 to 31 December 2028. |
| Are funds still available? | No remaining balance was verified. |
| Are new claims being accepted now? | No current administrator confirmation was obtained. |
Sources: CMM form; SC infographic; MOF, Appendix 11.
The stated periods do not establish remaining funding or acceptance of your claim. Equally, this verification gap does not establish that the scheme has closed.
How should you prepare an application or claim?
Start with an enquiry before commissioning the review. Ask CMM to confirm the current terms and form, submission route, qualifying cost dates, and any deadline measured from issuance or payment. We did not establish a fixed claim-submission deadline after those events from the documents reviewed.
The form currently linked by CMM asks for issuer and issuance/programme details, reviewer and cost information, a Malaysian tax-file reference and contact details. Its supporting documents are:
- The external-review report.
- The reviewer's invoice.
- Proof of payment to the reviewer.
It requires a declaration signed by the Executive Chairman, Managing Director or Executive Director, with the company stamp. Ask whether additional evidence of instrument qualification or issuance is now required.
This is a reimbursement process: the published checklist requires payment evidence. Its FAQ states payment within 60 days of a complete submission to CMM. Confirm that this timetable still applies and what counts as a complete submission; it is not a verified payment promise for a new claim. Published form and FAQ.
CMM's form gives general@capitalmarketsmalaysia.com for enquiries and applications. Its current contact page confirms that email and +603 6204 8618, and provides an enquiry form. Confirm the accepted submission method before sending your claim documents.
You could begin your enquiry with:
We are considering a [type of bond/sukuk], with issuance planned for [date] and an external-review cost of [amount]. Are claims currently accepted and funds available? Please confirm the applicable reimbursement rate, eligible services and cost dates, current form and claim deadline. How does the Budget 2026 application period apply to a submission through CMM?
Check the tax treatment separately
Older CMM and SC material describes a grant-income exemption for YA 2021–2025; YA means year of assessment. That historical statement does not establish an exemption for a grant received in 2026. SC scheme infographic.
MOF's Budget 2026 document proposes extending the exemption for three years, with a stated application-receipt window of 1 January 2026 to 31 December 2028. We have not verified the implementing approval or legal conditions for a current recipient. Ask CMM and your tax adviser for the applicable basis before treating the grant as exempt. MOF, Appendix 11.
A deduction for qualifying issuance expenses is a separate question. The JC3 issuance handbook hosted by SC, Chapter 8 describes SRI sukuk issuance-cost deductions for YA 2024–2027 and SRI-linked sukuk deductions for YA 2023–2027. It is a starting point for checking the applicable tax rules, not proof of your entitlement. Have your adviser confirm company, instrument and expense eligibility, and how any reimbursement affects the claim. Keep the reviewer invoice, payment record and grant decision together.