A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions

The Shariah Committee is responsible to ascertain that the banking and financial activities of the Islamic financial institution it represents, comply with the principles of Shariah. In fact, the bank has to consult with the Shariah Committee and has to adopt its advice on Shariah matters. Generally...

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Main Authors:	Abdullah, Mohamad Asmadi, Hassan, Rusni, Omar, Muhammad Naim, Mohd Napiah, Mohammad Deen, Othman, Ahmad Azam, Arifin, Mahamad, Yusoff, Adnan
Format:	Article
Language:	English
Published:	INSI Publications 2014
Subjects:	KBP173.25 Islamic law and other disciplines or subjects
Online Access:	http://irep.iium.edu.my/38728/ http://irep.iium.edu.my/38728/ http://irep.iium.edu.my/38728/1/AJBAS_2014.pdf

id	iium-38728
recordtype	eprints
spelling	iium-387282018-06-11T05:33:53Z http://irep.iium.edu.my/38728/ A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions Abdullah, Mohamad Asmadi Hassan, Rusni Omar, Muhammad Naim Mohd Napiah, Mohammad Deen Othman, Ahmad Azam Arifin, Mahamad Yusoff, Adnan KBP173.25 Islamic law and other disciplines or subjects The Shariah Committee is responsible to ascertain that the banking and financial activities of the Islamic financial institution it represents, comply with the principles of Shariah. In fact, the bank has to consult with the Shariah Committee and has to adopt its advice on Shariah matters. Generally, from Islamic law perspective, the original ruling for banking and financial activities is the permissibility, which implies that any business activity is lawful or Shariah compliant unless evidence to the contrary exists.The ruling would change when the prohibited elements are established. This becomes the primary responsibility of the Shariah Committee to determine the ruling of such activities whether they remain lawful or are effectively changed to being prohibited. This would necessitate the Shariah Committee to adopt a specific methodology in order to arrive at the correct decision. This article studies on the Shariah decision making process adopted by the Shariah Committee in Malaysia. The writing also examines the methodology adopted in determining the issues of Shariah compliance of financial instruments. The study also looks into the need of the concerted effort between the Shariah Committee and the industry practitioners so that the requirement of Shariah compliance is fully met in the banking and financial businesses in Malaysia. INSI Publications 2014-08 Article PeerReviewed application/pdf en http://irep.iium.edu.my/38728/1/AJBAS_2014.pdf Abdullah, Mohamad Asmadi and Hassan, Rusni and Omar, Muhammad Naim and Mohd Napiah, Mohammad Deen and Othman, Ahmad Azam and Arifin, Mahamad and Yusoff, Adnan (2014) A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions. Australian Journal of Basic and Applied Sciences, 8 (13). pp. 670-675. ISSN 1991-8178 http://ajbasweb.com/old/online.html
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP173.25 Islamic law and other disciplines or subjects
spellingShingle	KBP173.25 Islamic law and other disciplines or subjects Abdullah, Mohamad Asmadi Hassan, Rusni Omar, Muhammad Naim Mohd Napiah, Mohammad Deen Othman, Ahmad Azam Arifin, Mahamad Yusoff, Adnan A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions
description	The Shariah Committee is responsible to ascertain that the banking and financial activities of the Islamic financial institution it represents, comply with the principles of Shariah. In fact, the bank has to consult with the Shariah Committee and has to adopt its advice on Shariah matters. Generally, from Islamic law perspective, the original ruling for banking and financial activities is the permissibility, which implies that any business activity is lawful or Shariah compliant unless evidence to the contrary exists.The ruling would change when the prohibited elements are established. This becomes the primary responsibility of the Shariah Committee to determine the ruling of such activities whether they remain lawful or are effectively changed to being prohibited. This would necessitate the Shariah Committee to adopt a specific methodology in order to arrive at the correct decision. This article studies on the Shariah decision making process adopted by the Shariah Committee in Malaysia. The writing also examines the methodology adopted in determining the issues of Shariah compliance of financial instruments. The study also looks into the need of the concerted effort between the Shariah Committee and the industry practitioners so that the requirement of Shariah compliance is fully met in the banking and financial businesses in Malaysia.
format	Article
author	Abdullah, Mohamad Asmadi Hassan, Rusni Omar, Muhammad Naim Mohd Napiah, Mohammad Deen Othman, Ahmad Azam Arifin, Mahamad Yusoff, Adnan
author_facet	Abdullah, Mohamad Asmadi Hassan, Rusni Omar, Muhammad Naim Mohd Napiah, Mohammad Deen Othman, Ahmad Azam Arifin, Mahamad Yusoff, Adnan
author_sort	Abdullah, Mohamad Asmadi
title	A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions
title_short	A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions
title_full	A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions
title_fullStr	A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions
title_full_unstemmed	A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions
title_sort	study on the shariah decision making processes adopted by the shariah committee in malaysian islamic financial institutions
publisher	INSI Publications
publishDate	2014
url	http://irep.iium.edu.my/38728/ http://irep.iium.edu.my/38728/ http://irep.iium.edu.my/38728/1/AJBAS_2014.pdf
first_indexed	2023-09-18T20:55:40Z
last_indexed	2023-09-18T20:55:40Z
_version_	1777410287315451904

A study on the Shariah decision making processes adopted by the Shariah committee in Malaysian Islamic financial institutions

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