Shariah And Legal Frameworks Of The Shariah Committee In The Islamic Financial Institutions In Malaysia
The d evelopment of I slamic b anking and finance s ector i n M alaysia needs support infrastructure and one of the most important structures is the Shariah Committee. Good governance of the Shariah Committee is the very essence in the development of Islamic banking and finance sector in Malaysia...
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| Main Authors: | , , |
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| Format: | Research Report |
| Language: | English |
| Published: |
Kolej Universiti Islam Malaysia
2015
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| Online Access: | http://ddms.usim.edu.my/handle/123456789/7909 |
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| Summary: | The d evelopment of I slamic b anking and finance s ector i n M alaysia needs support
infrastructure and one of the most important structures is the Shariah Committee.
Good governance of the Shariah Committee is the very essence in the development of
Islamic banking and finance sector in Malaysia. The Shariah Committee normally
consists offiqh scholars, practitioners and academicians with knowledge and expertise
in Islamic jurisprudence in order to advise Islamic financial institutions on the shariah
compliance in all aspects and its operations. This research explores the shariah and
legal frameworks of the Shariah Committee of Islamic financial institution in
Malaysia with reference to the relevant statutory legislation, Central Bank of
Malaysia's Guidelines and Procedures including interviews with the practitioners and
distributing questionnaires. It is submitted that Malaysia has set up an effective
frameworks in the implementation of Islamic banking and finance and this research
offers some recommendations for further improvement. |
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