The procedures of appointment and cessation of the shariah committee member of the Islamic banks and takaful companies in Malaysia: legal analysis
The Shariah Committee (SC) is entrusted with the duties and responsibilities to ensure that the Islamic banking and Takaful institutions comply with the Shariah principles in its operations and business activities.The procedures of appointment and cessation are among the important points that shoul...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
EconJournals
2016
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/20727/1/IJEFI%206%20S7%202016%20266%20270.pdf http://repo.uum.edu.my/20727/ http://www.econjournals.com/index.php/ijefi/article/view/3618 |
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| Summary: | The Shariah Committee (SC) is entrusted with the duties and responsibilities to ensure that the Islamic banking and Takaful institutions comply with the Shariah principles in its operations and business activities.The procedures of appointment and cessation are among the important points that
should be discussed in relation to the SC.Such elements reflect the effectiveness, objectivity and independence of the SC in discharging their duties.In Malaysia the appointment, re-appointment and cessation of the member of the SC are regulated by legislations governing Islamic financial business.With the objective to scrutinize the procedures prescribed by legislations, this study adopted legal research method.By using content analysis, the study found that several loopholes existed in the existing legislations which should be addressed by relevant authoritative.This is significant in order
to strengthen the legal framework as well as to avoid any legal conflict in the future. |
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