Mara Bill 2026 focuses on corporate governance reforms

The proposed Mara Bill 2026 aims to replace the Mara Act 1966, with approximately 80 per cent of its content focused on strengthening corporate governance. According to Mara Chairman Datuk Dr. Asyraf Wajdi Dusuki, the new legislation is designed to prevent the abuse of power, leakage, and misappropriation.

Key changes include reducing the powers of the Mara Chairman to focus on presiding over the Board of Directors and policy matters, rather than exercising executive management authority. The bill will also establish a clear separation of powers between the board and management, implement ‘fit and proper criteria’ for board appointments, and limit terms of service.

To enhance oversight, the bill mandates the creation of several committees, including Audit, Investment, Finance and Governance, and Risk committees. Additionally, a Shariah Committee will be established for the first time to ensure all operations comply with Shariah principles. The bill is expected to be presented in Parliament before the end of the year.