Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia
The establishment of Shariah Advisory Council under the aegis of Bank Negara Malaysia in 1997 was the best solution taken by the Government to harmonize the issue of divergence of Shariah opinions among the Shariah committees established by the Islamic banks and takaful operators. Since then, th...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Universiti Malaya
2015
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/46930/ http://irep.iium.edu.my/46930/ http://irep.iium.edu.my/46930/1/Analysis_on_Development_of_legislations_on_SAC-Jurnal_Syariah.pdf |
| Summary: | The establishment of Shariah Advisory Council under the aegis
of Bank Negara Malaysia in 1997 was the best solution taken by
the Government to harmonize the issue of divergence of Shariah
opinions among the Shariah committees established by the Islamic
banks and takaful operators. Since then, the Shariah Advisory
Council has been regulated by several statutes which provide the
legal framework of such a Council. Using a historical approach,
this article highlights the development of the legal framework of
Shariah Advisory Council since its establishment. Comparative
analysis method is used to compare the existing legislation to
the previous one. Finally, the article found that the Central Bank
of Malaysia Act 2009 (Act 701) provides a comprehensive legal framework to regulate Shariah Advisory Council compared to the
previous statutes. |
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