Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council

Islamic banking and finance is identified as one of the areas that may contribute to economic transformation for Malaysia. Malaysia is targeted to be the hub for Islamic banking services and education. The country has to keep up with a fast developing Islamic banking sector by providing adequate reg...

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Main Author:	Shuaib, Farid Sufian
Format:	Conference or Workshop Item
Language:	English
Published:	2011
Subjects:	K Law (General) KBP469 Influence of other legal systems on Islamic law KBP480 Conflict of laws
Online Access:	http://irep.iium.edu.my/17040/ http://irep.iium.edu.my/17040/2/RelinquishingJudicialPowersToJuristsInIslamicBanking_Farid.pdf

id	iium-17040
recordtype	eprints
spelling	iium-170402012-02-09T03:21:18Z http://irep.iium.edu.my/17040/ Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council Shuaib, Farid Sufian K Law (General) KBP469 Influence of other legal systems on Islamic law KBP480 Conflict of laws Islamic banking and finance is identified as one of the areas that may contribute to economic transformation for Malaysia. Malaysia is targeted to be the hub for Islamic banking services and education. The country has to keep up with a fast developing Islamic banking sector by providing adequate regulatory framework. One of the elements in this framework is dispute resolution mechanism. A peculiar policy adopted by the government in regulating Islamic banking is by requiring the courts to refer to an advisory committee to make a final decision on disputes regarding Islamic banking and finance. This is peculiar since the courts are usually the final arbiter of disputes including matters involving banking and finance. This policy is evidenced in the new Act of the Central Bank of Malaysia Act 2009 replacing the Central Bank of Malaysia Act 1958. The new Act requires the courts to refer to the Shariah Advisory Council on matters of Islamic banking and the decision of the Council is binding on the courts. Eight out of eleven members of the Council are Islamic banking scholars and jurists. This paper seeks to explore the possible reasons for such divergent route adopted by the new Act and to consider advantages and disadvantages by relegating the final arbiter of disputes to jurists rather than judges. 2011 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/17040/2/RelinquishingJudicialPowersToJuristsInIslamicBanking_Farid.pdf Shuaib, Farid Sufian (2011) Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council. In: 2nd International Conference on Public Policy & Social Sciences 2011: Socio-Economic Transformation Issues and Challenges in the 21st Century, 31 October - 1 November 2011, Kuching, Sarawak, Malaysia. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	K Law (General) KBP469 Influence of other legal systems on Islamic law KBP480 Conflict of laws
spellingShingle	K Law (General) KBP469 Influence of other legal systems on Islamic law KBP480 Conflict of laws Shuaib, Farid Sufian Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council
description	Islamic banking and finance is identified as one of the areas that may contribute to economic transformation for Malaysia. Malaysia is targeted to be the hub for Islamic banking services and education. The country has to keep up with a fast developing Islamic banking sector by providing adequate regulatory framework. One of the elements in this framework is dispute resolution mechanism. A peculiar policy adopted by the government in regulating Islamic banking is by requiring the courts to refer to an advisory committee to make a final decision on disputes regarding Islamic banking and finance. This is peculiar since the courts are usually the final arbiter of disputes including matters involving banking and finance. This policy is evidenced in the new Act of the Central Bank of Malaysia Act 2009 replacing the Central Bank of Malaysia Act 1958. The new Act requires the courts to refer to the Shariah Advisory Council on matters of Islamic banking and the decision of the Council is binding on the courts. Eight out of eleven members of the Council are Islamic banking scholars and jurists. This paper seeks to explore the possible reasons for such divergent route adopted by the new Act and to consider advantages and disadvantages by relegating the final arbiter of disputes to jurists rather than judges.
format	Conference or Workshop Item
author	Shuaib, Farid Sufian
author_facet	Shuaib, Farid Sufian
author_sort	Shuaib, Farid Sufian
title	Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council
title_short	Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council
title_full	Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council
title_fullStr	Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council
title_full_unstemmed	Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council
title_sort	exploring the policy of relinquishing judicial powers to the jurists in determining islamic banking disputes: the case of bank negara's shariah advisory council
publishDate	2011
url	http://irep.iium.edu.my/17040/ http://irep.iium.edu.my/17040/2/RelinquishingJudicialPowersToJuristsInIslamicBanking_Farid.pdf
first_indexed	2023-09-18T20:25:51Z
last_indexed	2023-09-18T20:25:51Z
_version_	1777408410902331392

Exploring the Policy of relinquishing Judicial Powers to the Jurists in Determining Islamic Banking Disputes: The Case of Bank Negara's Shariah Advisory Council

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