Who is this for?
SRI means Sustainable and Responsible Investment. 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 Securities Commission Malaysia (SC) describes these roles in its SRI sukuk overview and SRI-linked sukuk announcement.
For an SME, start by asking 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.
Scroll sideways to read the table ↔
| 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 alone does not make an issuance eligible. 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. Ask CMM how the proposal affects the older published eligibility list 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 cover buying equipment, constructing a building, running the project or repaying investors. Nor does it say that the scheme will reimburse your whole issuance budget, including arranging, legal or credit-rating fees, general environmental, social and governance (ESG) consultancy or company-reporting assurance. Keep these costs 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 mean that every later verification bill is reimbursable. Confirm the 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:
Scroll sideways to read the table ↔
| Publication | What it says | What to confirm 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 support 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 external review may also support a claim for that review cost. Ask how CMM applies the cap to your programme and to its tranches—separate portions issued under the programme. 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?
Scroll sideways to read the table ↔
| Question | What this review found |
|---|---|
| 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? | We have not confirmed how much funding remains. Ask CMM before relying on reimbursement. |
| Are new claims being accepted now? | We did not obtain current confirmation from CMM. |
Sources: CMM form; SC infographic; MOF, Appendix 11.
The stated periods do not confirm that funding remains or that your claim will be accepted. We have not confirmed whether CMM is accepting new claims; this does not mean the scheme is 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. The documents we reviewed did not state a fixed deadline for submitting a claim after those events.
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 that payment will be made within 60 days after CMM receives a complete submission. 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 [email protected] 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 confirm 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. Chapter 8 of the Joint Committee on Climate Change (JC3) issuance handbook, hosted by the SC, 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.