Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia

The Central Bank of Malaysia (hereinafter referred to as Central Bank) has introduced the guideline on Shari‘ah Governance Framework for Islamic Financial Institutions (hereinafter referred to as SGF 2010) in October 2010 to have proper Shari‘ah governance. The SGF 2010 has been circulated to all...

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Main Authors:	Othman, Ahmad Azam, Hassan, Rusni, Omar, Muhammad Naim, Mohd Napiah, Mohammad Deen, Ariffin, Mahamad, Yusoff, Adnan
Format:	Article
Language:	English
Published:	INSI Publications 2012
Subjects:	BP173.75 Islam and economics
Online Access:	http://irep.iium.edu.my/28440/ http://irep.iium.edu.my/28440/1/AJBAS-Effectiveness_of_SGF_2010.pdf

id	iium-28440
recordtype	eprints
spelling	iium-284402013-02-13T14:11:03Z http://irep.iium.edu.my/28440/ Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia Othman, Ahmad Azam Hassan, Rusni Omar, Muhammad Naim Mohd Napiah, Mohammad Deen Ariffin, Mahamad Yusoff, Adnan BP173.75 Islam and economics The Central Bank of Malaysia (hereinafter referred to as Central Bank) has introduced the guideline on Shari‘ah Governance Framework for Islamic Financial Institutions (hereinafter referred to as SGF 2010) in October 2010 to have proper Shari‘ah governance. The SGF 2010 has been circulated to all IFIs under the Central Bank jurisdictions to ensure the SGF 2010 is adopted accordingly. The effective date for adoption was on 1st January 2011, giving the IFIs six months to comply with. Within such period, the IFIs need to confirm that they have met all the requirements and are operating in accordance with it. Thus, this article investigates the awareness by the IFIs on the objectives of SGF 2010, perception on the applicability of SGF 2010 and level of adoption of SGF 2010 by the IFIs. This is done through the collection of data and information by distributing the questionnaire to the respondents who involved in IFIs’ industries such as the management of the IFIs, be it Islamic banks and Takaful institutions, Shari‘ah Committee and Shari‘ah Officers. Most of the data in this study were collected and analyzed using the Statistical Package for Social Sciences (SPSS) software version 16.0 and Microsoft Excel. Additional descriptive analysis is used to determine the number of frequencies and percentages. The findings and analysis show that the awareness amongst the respondents on the objectives of SGF 2010, their perception on the applicability of SGF 2010 and the level of adoption of SGF 2010 by the IFIs are very good and positive. INSI Publications 2012-10 Article PeerReviewed application/pdf en http://irep.iium.edu.my/28440/1/AJBAS-Effectiveness_of_SGF_2010.pdf Othman, Ahmad Azam and Hassan, Rusni and Omar, Muhammad Naim and Mohd Napiah, Mohammad Deen and Ariffin, Mahamad and Yusoff, Adnan (2012) Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia. Australian Journal of Basic and Applied Sciences, 6 (11). pp. 83-89. ISSN 1991-8178
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	BP173.75 Islam and economics
spellingShingle	BP173.75 Islam and economics Othman, Ahmad Azam Hassan, Rusni Omar, Muhammad Naim Mohd Napiah, Mohammad Deen Ariffin, Mahamad Yusoff, Adnan Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia
description	The Central Bank of Malaysia (hereinafter referred to as Central Bank) has introduced the guideline on Shari‘ah Governance Framework for Islamic Financial Institutions (hereinafter referred to as SGF 2010) in October 2010 to have proper Shari‘ah governance. The SGF 2010 has been circulated to all IFIs under the Central Bank jurisdictions to ensure the SGF 2010 is adopted accordingly. The effective date for adoption was on 1st January 2011, giving the IFIs six months to comply with. Within such period, the IFIs need to confirm that they have met all the requirements and are operating in accordance with it. Thus, this article investigates the awareness by the IFIs on the objectives of SGF 2010, perception on the applicability of SGF 2010 and level of adoption of SGF 2010 by the IFIs. This is done through the collection of data and information by distributing the questionnaire to the respondents who involved in IFIs’ industries such as the management of the IFIs, be it Islamic banks and Takaful institutions, Shari‘ah Committee and Shari‘ah Officers. Most of the data in this study were collected and analyzed using the Statistical Package for Social Sciences (SPSS) software version 16.0 and Microsoft Excel. Additional descriptive analysis is used to determine the number of frequencies and percentages. The findings and analysis show that the awareness amongst the respondents on the objectives of SGF 2010, their perception on the applicability of SGF 2010 and the level of adoption of SGF 2010 by the IFIs are very good and positive.
format	Article
author	Othman, Ahmad Azam Hassan, Rusni Omar, Muhammad Naim Mohd Napiah, Mohammad Deen Ariffin, Mahamad Yusoff, Adnan
author_facet	Othman, Ahmad Azam Hassan, Rusni Omar, Muhammad Naim Mohd Napiah, Mohammad Deen Ariffin, Mahamad Yusoff, Adnan
author_sort	Othman, Ahmad Azam
title	Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia
title_short	Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia
title_full	Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia
title_fullStr	Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia
title_full_unstemmed	Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia
title_sort	study on the awareness and adoption of shari‘ah governance framework 2010 by the islamic financial institutions in malaysia
publisher	INSI Publications
publishDate	2012
url	http://irep.iium.edu.my/28440/ http://irep.iium.edu.my/28440/1/AJBAS-Effectiveness_of_SGF_2010.pdf
first_indexed	2023-09-18T20:41:57Z
last_indexed	2023-09-18T20:41:57Z
_version_	1777409423639052288

Study on the awareness and adoption of Shari‘ah governance framework 2010 by the Islamic financial institutions in Malaysia

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