COMPANIES ACT 2016
“interest” includes returns or compensation as recognized under Shariah principles;
Under the Companies Act 2016, the term "interest" is interpreted broadly. It includes not only conventional interest payable under traditional financing arrangements but also returns or compensation recognised under Shariah principles in Islamic finance.
This definition reflects Malaysia's dual financial system, where both conventional financial products and Shariah-compliant Islamic financial products are recognised and regulated.
Accordingly, whenever the Companies Act 2016 refers to the payment or repayment of interest, the term also encompasses the equivalent returns payable under Islamic financing arrangements, even though such returns may not legally or commercially be described as "interest".
Conventional Interest
In conventional finance, interest generally refers to the amount payable by a borrower to a lender as compensation for the use of borrowed money.
Examples include:
- Bank loan interest;
- Corporate bond coupon payments;
- Interest on debentures;
- Default interest;
- Late payment interest.
Shariah-Compliant Returns
Islamic finance prohibits riba (interest). Instead, financial returns are generated through Shariah-compliant contractual arrangements.
For the purposes of the Companies Act 2016, these returns are treated as interest where appropriate.
Examples include returns arising from:
- Murabahah (cost-plus sale);
- Ijarah (leasing);
- Musharakah (partnership financing);
- Mudarabah (profit-sharing);
- Wakalah (agency arrangements);
- Tawarruq (commodity-based financing); and
- Sukuk (Islamic capital market securities).
The Act recognises these returns as being equivalent to interest for legal and regulatory purposes.
Purpose of the Definition
The expanded definition ensures that:
- Conventional financing and Islamic financing receive equal legal recognition;
- The Companies Act 2016 applies consistently to both financing systems;
- Islamic financial instruments receive the same statutory treatment as conventional debt instruments where appropriate; and
- Malaysia's dual banking and capital market framework operates effectively.
Practical Examples
Example 1 – Conventional Loan
ABC Sdn. Bhd. borrows RM2 million from a commercial bank at an annual interest rate of 5%.
The annual financing charge is interest under the Companies Act 2016.
Example 2 – Islamic Financing
XYZ Sdn. Bhd. obtains financing from an Islamic bank under a Murabahah facility.
Instead of paying conventional interest, the company pays a profit margin agreed under the Shariah-compliant financing arrangement.
For the purposes of the Companies Act 2016, that profit margin constitutes returns recognised under Shariah principles and falls within the statutory definition of interest.
Example 3 – Sukuk
A corporation issues Sukuk to investors.
Investors receive periodic profit distributions generated under the Sukuk structure.
Although these payments are not legally described as "interest" under Islamic law, they are included within the Companies Act 2016 definition of interest because they are recognised as Shariah-compliant returns.
Compliance Requirements
Companies obtaining financing should ensure that:
- Financing arrangements comply with the applicable laws and contractual terms;
- Conventional interest or Shariah-compliant returns are properly recorded in the company's accounting records;
- Disclosure requirements under the Companies Act 2016 and applicable accounting standards are satisfied; and
- Islamic financing structures comply with the relevant Shariah governance framework and regulatory requirements.
Importance
The definition of "interest" demonstrates Malaysia's recognition of both conventional and Islamic financial systems. By expressly including returns or compensation recognised under Shariah principles, the Companies Act 2016 ensures that Islamic financing instruments such as Sukuk and Shariah-compliant financing facilities receive equal legal recognition alongside conventional financing. This promotes legal certainty, supports the development of Islamic finance, and reinforces Malaysia's position as a leading international centre for both conventional and Islamic corporate finance.
《2016 年公司法》
利息（Interest）
根据《2016 年公司法》，“利息”（Interest） 包括依据伊斯兰教法（Shariah Principles）所认可的回报（Returns）或补偿（Compensation）。
实务说明（Practical Explanation）
根据**《2016 年公司法》，“利息（Interest）”** 采用广义解释。
它不仅包括传统融资安排下应支付的传统利息（Conventional Interest），同时亦包括依据伊斯兰教法（Shariah Principles）认可的回报（Returns）或补偿（Compensation）。
此定义反映了马来西亚实行的双轨金融体系（Dual Financial System），即传统金融体系（Conventional Finance）与符合伊斯兰教法的金融体系（Islamic Finance）均获得法律承认及监管。
因此，当《2016 年公司法》提及**支付或偿还利息（Interest）**时，该词不仅包括传统贷款利息，同时亦包括依据伊斯兰融资安排应支付的等同回报，即使这些付款在法律上或商业上并不称为“利息”。
传统利息（Conventional Interest）
在传统金融体系中，利息（Interest） 一般是指借款人为使用借入资金而向贷款人支付的报酬。
常见例子包括：
- 银行贷款利息（Bank Loan Interest）；
- 公司债券票息（Corporate Bond Coupon Payments）；
- 债权证利息（Interest on Debentures）；
- 违约利息（Default Interest）；以及
- 逾期付款利息（Late Payment Interest）。
符合伊斯兰教法的回报（Shariah-Compliant Returns）
伊斯兰金融禁止利巴（Riba，即利息）。
因此，伊斯兰金融并非透过收取利息获利，而是依据符合伊斯兰教法的商业合同安排取得合法回报。
就《2016 年公司法》而言，在适当情况下，这些回报均被视为利息（Interest）。
常见的伊斯兰融资模式包括：
- Murabahah（成本加成销售融资）；
- Ijarah（租赁融资）；
- Musharakah（合伙融资）；
- Mudarabah（利润分享融资）；
- Wakalah（代理融资）；
- Tawarruq（商品融资）；以及
- Sukuk（伊斯兰债券／伊斯兰资本市场证券）。
《2016 年公司法》承认上述依据伊斯兰教法产生的回报，在法律及监管层面具有与传统利息相同的法律效力。
此定义的目的（Purpose of the Definition）
扩大“利息”的定义旨在确保：
- 传统融资及伊斯兰融资均获得同等法律承认；
- 《2016 年公司法》能够一致适用于两种融资制度；
- 伊斯兰金融工具在适当情况下享有与传统债务融资工具相同的法定待遇；以及
- 支持马来西亚双轨银行及资本市场制度的有效运作。
实务示例（Practical Examples）
例子一：传统银行贷款（Conventional Loan）
ABC Sdn. Bhd. 向商业银行借款 RM2,000,000，年利率为 5%。
公司每年支付的融资费用属于《2016 年公司法》所称的利息（Interest）。
例子二：伊斯兰融资（Islamic Financing）
XYZ Sdn. Bhd. 向伊斯兰银行取得 Murabahah（成本加成融资）。
公司无需支付传统贷款利息，而是依据符合伊斯兰教法的融资协议支付双方约定的利润（Profit Margin）。
就《2016 年公司法》而言，该利润属于依据伊斯兰教法认可的回报（Returns Recognised under Shariah Principles），因此纳入**利息（Interest）**的法定定义。
例子三：Sukuk（伊斯兰债券）
某公司发行 Sukuk（伊斯兰债券） 向投资者融资。
投资者依据 Sukuk 架构定期获得利润分配（Profit Distributions）。
虽然依据伊斯兰法，该等付款并不属于传统意义上的“利息”，但根据《2016 年公司法》，由于其属于符合伊斯兰教法认可的投资回报，因此亦属于**利息（Interest）**定义的范围。
合规要求（Compliance Requirements）
公司取得融资时，应确保：
- 融资安排符合适用法律及合同条款；
- 传统利息或符合伊斯兰教法的融资回报均已正确记录于公司的会计记录；
- 符合《2016 年公司法》及适用会计准则的资料披露要求；以及
- 伊斯兰融资结构符合相关伊斯兰教法治理（Shariah Governance）及监管规定。
重要性（Importance）
“利息（Interest）” 的定义充分体现马来西亚同时承认**传统金融体系（Conventional Finance）及伊斯兰金融体系（Islamic Finance）**的发展。
透过明确将依据伊斯兰教法认可的回报或补偿纳入利息定义，《2016 年公司法》确保 Sukuk（伊斯兰债券）、Murabahah、Ijarah 等符合伊斯兰教法的融资工具，与传统融资享有同等法律地位。
这一制度的重要意义包括：
- 为传统金融及伊斯兰金融提供一致的法律基础；
- 增强企业及投资者的法律确定性；
- 推动伊斯兰金融及资本市场持续发展；
- 提高国际投资者对马来西亚金融体系的信心；以及
- 巩固马来西亚作为全球领先传统金融与伊斯兰金融中心之一的重要地位。
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Posted by DSA Corporate Secretarial Services Sdn Bhd on 16 Jul 26
Malaysia
