Hassan, Rusni and Arifin, Mahamad and Othman, Ahmad Azam and Mohd Napiah, Mohammad Deen and Omar, Muhammad Naim and Yusoff, Adnan and Khatimin, Nuraini and Zaharim, Azami
(2013)
Survey on implementation of internal Shariah compliance function in Malaysian Islamic banks and takaful companies.
In: 7th WSEAS International Conference on Management, Marketing and Finance (MMF '13), 30 January - 1 Febuary 2013, Cambridge, MA USA.
Abstract
The Central Bank of Malaysia has issued Shariah Governance Framework for Islamic Financial
Institutions (hereinafter referred to as “SGF”) which was effective starting from January 2011 brought a new
dimension and evolution phase in Malaysian Islamic Banking. The issuance of SGF shows the commitment of
regulator in enhancing Shariah governance of Malaysian Islamic financial institutions. One of the requirements
stipulated in SGF is the requirement for Islamic Financial Institution (hereinafter referred to as “IFI”) to have a
robust Shariah compliance function which encompasses ShariahSecretariate, Shariah Review and Shariah
Audit, Shariah Risk Management and Shariah Research functions. This study is intended to examine the
approaches conducted by the Malaysian Islamic banks in implementing those functions. The finding of this
study contributes towards establishing the effective mechanism in implementing Shariah Compliance function
which in return beneficial to the industry
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