Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions

Islamic banking, takaful and Islamic Capital Market are the main component of Islamic financial system in Malaysia. Shari’ah compliance is one of the attributes to distinguish Islamic Financial Institutions (IFIs) from its counterpart. Adherence to Shari’ah principles is fundamental to the operati...

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Main Authors:	Hassan, Rusni, Hussain, Mohammad Azam
Format:	Article
Language:	English
Published:	IIUM Institute of Islamic Banking and Finance 2013
Subjects:	K Law (General) KPG Malaysia
Online Access:	http://irep.iium.edu.my/36289/ http://irep.iium.edu.my/36289/ http://irep.iium.edu.my/36289/1/Framework_for_Shariah_Advisor-Journal_of_Islamic_Finance%2C_IIUM_IIiBF.pdf

id	iium-36289
recordtype	eprints
spelling	iium-362892014-10-03T07:33:06Z http://irep.iium.edu.my/36289/ Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions Hassan, Rusni Hussain, Mohammad Azam K Law (General) KPG Malaysia Islamic banking, takaful and Islamic Capital Market are the main component of Islamic financial system in Malaysia. Shari’ah compliance is one of the attributes to distinguish Islamic Financial Institutions (IFIs) from its counterpart. Adherence to Shari’ah principles is fundamental to the operations of IFIs and such adherence is a continuing process as long as such institutions operate. The Shari’ah Advisors appointed by the IFIs are responsible in ensuring the Shari’ah compliance of IFIs in carrying out its Islamic financial business. The requirement for the appointment of Shari’ah Advisors in IFIs has been included in the statutes governing IFIs as well as guidelines and circulars issued by authoritative bodies related to Islamic banking, takaful and Islamic Capital Market. This indicates that, the appointment of Shari’ah Advisors in IFIs is a vital to the industry. A specific regulatory framework on Shari’ah Advisors is essential in regulating their duties and responsibilities as may be in ensuring that the operations of IFIs conform to Shari’ah principles. Furthermore, a strong regulatory framework on Shari’ah Advisors is one of the factors in ensuring the resilience development of Islamic finance industry. Henceforth, this study seeks to analyze the Malaysian regulatory framework on Shari’ah advisors as their significant roles and responsibilities in ensuring Shari’ah compliance of IFIs. IIUM Institute of Islamic Banking and Finance 2013 Article PeerReviewed application/pdf en http://irep.iium.edu.my/36289/1/Framework_for_Shariah_Advisor-Journal_of_Islamic_Finance%2C_IIUM_IIiBF.pdf Hassan, Rusni and Hussain, Mohammad Azam (2013) Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions. Journal of Islamic Finance, 2 (1). pp. 38-47. ISSN 2289-2117 (O), 2289-2109 (P) http://www.iium.edu.my/iiibf/research-publication/journal
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) KPG Malaysia
spellingShingle	K Law (General) KPG Malaysia Hassan, Rusni Hussain, Mohammad Azam Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions
description	Islamic banking, takaful and Islamic Capital Market are the main component of Islamic financial system in Malaysia. Shari’ah compliance is one of the attributes to distinguish Islamic Financial Institutions (IFIs) from its counterpart. Adherence to Shari’ah principles is fundamental to the operations of IFIs and such adherence is a continuing process as long as such institutions operate. The Shari’ah Advisors appointed by the IFIs are responsible in ensuring the Shari’ah compliance of IFIs in carrying out its Islamic financial business. The requirement for the appointment of Shari’ah Advisors in IFIs has been included in the statutes governing IFIs as well as guidelines and circulars issued by authoritative bodies related to Islamic banking, takaful and Islamic Capital Market. This indicates that, the appointment of Shari’ah Advisors in IFIs is a vital to the industry. A specific regulatory framework on Shari’ah Advisors is essential in regulating their duties and responsibilities as may be in ensuring that the operations of IFIs conform to Shari’ah principles. Furthermore, a strong regulatory framework on Shari’ah Advisors is one of the factors in ensuring the resilience development of Islamic finance industry. Henceforth, this study seeks to analyze the Malaysian regulatory framework on Shari’ah advisors as their significant roles and responsibilities in ensuring Shari’ah compliance of IFIs.
format	Article
author	Hassan, Rusni Hussain, Mohammad Azam
author_facet	Hassan, Rusni Hussain, Mohammad Azam
author_sort	Hassan, Rusni
title	Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions
title_short	Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions
title_full	Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions
title_fullStr	Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions
title_full_unstemmed	Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions
title_sort	scrutinizing the malaysian regulatory framework on shari’ah advisors for islamic financial institutions
publisher	IIUM Institute of Islamic Banking and Finance
publishDate	2013
url	http://irep.iium.edu.my/36289/ http://irep.iium.edu.my/36289/ http://irep.iium.edu.my/36289/1/Framework_for_Shariah_Advisor-Journal_of_Islamic_Finance%2C_IIUM_IIiBF.pdf
first_indexed	2023-09-18T20:51:57Z
last_indexed	2023-09-18T20:51:57Z
_version_	1777410053659164672

Scrutinizing the Malaysian regulatory framework on Shari’ah advisors for Islamic financial institutions

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