Malaysia forms advisory panel to coordinate consumer credit regulation
At its first meeting, the committee discussed interest-charge transparency, Shariah-compliant products and safeguards against unethical debt collection.
Suruhanjaya Kredit Pengguna (SKP) has set up an advisory committee to coordinate the work of Malaysian ministries, regulators and agencies implementing the Consumer Credit Act 2025 (CCA), the commission said.
The panel held its first meeting on Oct 28, discussing how to make interest charges more transparent, develop consumer credit products that comply with Shariah and improve safeguards against unethical debt collection practices.
Members also agreed to pursue consolidation of the non-bank consumer credit industry under one regulator and identify preparations needed for Phase 2 of CCA implementation.
Established under Section 36 of the CCA, the committee is chaired by SKP executive chairman Abu Hassan Alshari Yahaya. He said it would help address issues spanning different sectors collectively, promote consistent implementation and inform policy development and SKP’s advice to the government.
Its membership includes senior representatives of the Finance Ministry, Housing and Local Government Ministry, Domestic Trade and Cost of Living Ministry, and Entrepreneur Development and Cooperatives Ministry. Bank Negara Malaysia, the Securities Commission and Malaysia Cooperative Societies Commission are also represented.
