The Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia - SSM) has produced a useful set of FAQs for the burgeoning interest schemes sector here. The FAQs are reproduced below for ease of reference.
It should be noted that although the FAQs are title captioned "Interest Scheme" they relate more to recreational clubs scenarios.
Most interested parties seek information on Interest Schemes that are in the nature of "common enterprise" as opposed to recreational clubs. Inquiries of this nature can be directed to our law firm at firstname.lastname@example.org