The SAC of Bank Negara Malaysia in its 239th meeting on 30th April 2024 decided that it is permissible for MGII to be issued using wakalah concept and its variants such as wakalah bi al-istithmar (agency contract for investment) and wakalah bi al-khadamat (agency contract for services) as an alternative to murabahah in order to diversify the underlying Shariah concept for the instrument.

The SAC also decided that aside from tangible assets, intangible assets that are non-debt in nature like usufructs, services and financial rights are also permissible to be the underlying assets for the wakalah-based MGII.