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Survey on implementation of internal Shariah compliance function in Malaysian Islamic banks and takaful companies

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.

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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

Item Type: Conference or Workshop Item (Full Paper)
Additional Information: 1643/38381
Uncontrolled Keywords: Islamic banking, takaful, Islamic financial institutions, shariah governance, shariah compliance
Subjects: K Law > K Law (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Ahmad Ibrahim Kulliyyah of Laws > Department of Islamic Law
Depositing User: Dr Ahmad Azam Othman
Date Deposited: 23 Sep 2014 16:17
Last Modified: 09 Nov 2015 22:53
URI: http://irep.iium.edu.my/id/eprint/38381

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