ANALYSIS ON THE DEVELOPMENT OF LEGISLATIONS GOVERNING SHARIAH ADVISORY COUNCIL OF BANK NEGARA MALAYSIA

Authors

  • Mohammad Azam Hussain Universiti Utara Malaysia, Malaysia
  • Rusni Hassan International Islamic University Malaysia, Malaysia
  • Aznan Hasan International Islamic University Malaysia, Malaysia

DOI:

https://doi.org/10.22452/js.vol23no2.6

Keywords:

Shariah Advisory Council, Shariah Advisory, Shariah compliance, Islamic finance, Central Bank of Malaysia Act 2009

Abstract

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.

Downloads

Download data is not yet available.

Downloads

Published

2015-05-01

How to Cite

Hussain, M. A., Hassan, R., & Hasan, A. (2015). ANALYSIS ON THE DEVELOPMENT OF LEGISLATIONS GOVERNING SHARIAH ADVISORY COUNCIL OF BANK NEGARA MALAYSIA. Jurnal Syariah, 23(2), 325–342. https://doi.org/10.22452/js.vol23no2.6

Issue

Vol. 23 No. 2 (2015): Jurnal Syariah

Section

Articles

License

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

COPYRIGHT: All rights reserved. Not allowed to be reproduced any part of articles and contents of this journal in any form or by any way, whether electronic, mechanical, photocopying, recording or otherwise without permission in writing from the Chief Editor, Jurnal Syariah.