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...

Full description

Bibliographic Details
Main Authors:	Hussain, Mohammad Azam, Hassan, Rusni, Hasan, Aznan
Format:	Article
Language:	English
Published:	Universiti Malaya 2015
Subjects:	HG Finance
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

id	iium-46930
recordtype	eprints
spelling	iium-469302017-12-13T09:55:02Z http://irep.iium.edu.my/46930/ Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia Hussain, Mohammad Azam Hassan, Rusni Hasan, Aznan HG Finance 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. Universiti Malaya 2015 Article PeerReviewed application/pdf en http://irep.iium.edu.my/46930/1/Analysis_on_Development_of_legislations_on_SAC-Jurnal_Syariah.pdf Hussain, Mohammad Azam and Hassan, Rusni and Hasan, Aznan (2015) Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia. Jurnal Syariah, 23 (2). pp. 325-342. ISSN 0128-6730 http://e-journal.um.edu.my/public/browse-journal-view.php?id=49
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance
spellingShingle	HG Finance Hussain, Mohammad Azam Hassan, Rusni Hasan, Aznan Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia
description	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.
format	Article
author	Hussain, Mohammad Azam Hassan, Rusni Hasan, Aznan
author_facet	Hussain, Mohammad Azam Hassan, Rusni Hasan, Aznan
author_sort	Hussain, Mohammad Azam
title	Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia
title_short	Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia
title_full	Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia
title_fullStr	Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia
title_full_unstemmed	Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia
title_sort	analysis on the development of legislations governing shariah advisory council of bank negara malaysia
publisher	Universiti Malaya
publishDate	2015
url	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
first_indexed	2023-09-18T21:06:47Z
last_indexed	2023-09-18T21:06:47Z
_version_	1777410986417848320

Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia

Similar Items