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Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013

Shari’ah Governance is what makes Islamic Financial Institution (IFI) different from the Conventional Financial Institution. The primary aim of Shariah Governance is to ensure that the operation, practice, instrument, product and management of the IFIs are compliant with the Shari’ah principles at a...

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Main Authors: Ismail, Muhammad Issyam, Hassan, Rusni
Format: Article
Language:English
Published: IIUM Press 2016
Subjects:
HG Finance
Online Access:http://irep.iium.edu.my/53312/1/53312_Shari%E2%80%99ah%20committee%20composition%20in%20Malaysian%20Islamic%20Financial%20Institutions.pdf
http://irep.iium.edu.my/53312/
http://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/143/64
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spelling my.iium.irep.533122016-12-06T06:54:33Z http://irep.iium.edu.my/53312/ Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013 Ismail, Muhammad Issyam Hassan, Rusni HG Finance Shari’ah Governance is what makes Islamic Financial Institution (IFI) different from the Conventional Financial Institution. The primary aim of Shariah Governance is to ensure that the operation, practice, instrument, product and management of the IFIs are compliant with the Shari’ah principles at all times. The Shari’ah Governance framework has been outlined in several standard and guideline issued by various bodies and organizations. At the global level, it has been issued by IFSB and AAOIFI, while in Malaysia specifically, it has been provided by Bank Negara Malaysia (BNM) through the Shari’ah Governance Framework 2010 (SGF 2010) and the newly implemented Islamic Financial Service Act 2013 (IFSA 2013). Acknowledging the significant role played by Shari’ah Committee in an IFI’s Shari’ah Governance framework, all of the standards, guidelines and regulations mentioned above provide many provisions with regard to the Shari’ah Committee in order to enhance their role and strengthen their position in the Islamic Finance industry. In this paper, focus will be given on two specific requirements, which are the requirement of qualification background of a Shari’ah Committee and the minimum number of Shari’ah Committee that must be appointed by an IFI. This paper will also discuss the gap between the requirements as provided by AAOIFI, IFSB, SGF 2010 and IFSA 2013, and what is the practice of the IFIs in applying these requirements. IIUM Press 2016 Article REM application/pdf en http://irep.iium.edu.my/53312/1/53312_Shari%E2%80%99ah%20committee%20composition%20in%20Malaysian%20Islamic%20Financial%20Institutions.pdf Ismail, Muhammad Issyam and Hassan, Rusni (2016) Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013. Journal of Islamic Finance, 5 (2). pp. 28-36. ISSN 2289-2109 http://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/143/64
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HG Finance
spellingShingle HG Finance
Ismail, Muhammad Issyam
Hassan, Rusni
Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013
description Shari’ah Governance is what makes Islamic Financial Institution (IFI) different from the Conventional Financial Institution. The primary aim of Shariah Governance is to ensure that the operation, practice, instrument, product and management of the IFIs are compliant with the Shari’ah principles at all times. The Shari’ah Governance framework has been outlined in several standard and guideline issued by various bodies and organizations. At the global level, it has been issued by IFSB and AAOIFI, while in Malaysia specifically, it has been provided by Bank Negara Malaysia (BNM) through the Shari’ah Governance Framework 2010 (SGF 2010) and the newly implemented Islamic Financial Service Act 2013 (IFSA 2013). Acknowledging the significant role played by Shari’ah Committee in an IFI’s Shari’ah Governance framework, all of the standards, guidelines and regulations mentioned above provide many provisions with regard to the Shari’ah Committee in order to enhance their role and strengthen their position in the Islamic Finance industry. In this paper, focus will be given on two specific requirements, which are the requirement of qualification background of a Shari’ah Committee and the minimum number of Shari’ah Committee that must be appointed by an IFI. This paper will also discuss the gap between the requirements as provided by AAOIFI, IFSB, SGF 2010 and IFSA 2013, and what is the practice of the IFIs in applying these requirements.
format Article
author Ismail, Muhammad Issyam
Hassan, Rusni
author_facet Ismail, Muhammad Issyam
Hassan, Rusni
author_sort Ismail, Muhammad Issyam
title Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013
title_short Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013
title_full Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013
title_fullStr Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013
title_full_unstemmed Shari’ah committee composition in Malaysian Islamic Financial Institutions: Post implementation of SGF 2010 and IFSA 2013
title_sort shari’ah committee composition in malaysian islamic financial institutions: post implementation of sgf 2010 and ifsa 2013
publisher IIUM Press
publishDate 2016
url http://irep.iium.edu.my/53312/1/53312_Shari%E2%80%99ah%20committee%20composition%20in%20Malaysian%20Islamic%20Financial%20Institutions.pdf
http://irep.iium.edu.my/53312/
http://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/143/64
_version_ 1643614329999720448
score 13.211869

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