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1860799931335311360
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INTELEK Repository
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Online Access
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https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection407072
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2019-11-27 11:27:27
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Restricted Document
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7967
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UniSZA
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BOOKS AND ARTICLES: 1. Nik Norzrul Thani, Mohamed Ridza Mohamad Abdullah, Megat Hizaini Hassan, 2003, Law and Practice of Islamic Banking and Finance, Sweet and Maxwell Asia, Selangor. 2. Fakihah Azahari, Islamic Banking: Perspective on Recent Case Development [2009] 1 MLJ xci. 3. Engku Rabiah Adawiyah Engku Ali, Constraints and Opportunities in Harmonisation of Civil Law and Shariah in The Islamic Financial Services Industry [2008] 4 MLJ I. 4. Ruzian Markom & Sharina Ali Pitchay, Enforcement of Islamic Banking and Finance in the civil courts of Malaysia, [2010] Shariah Law Reports, Vol 3. 5. Ruzian Markom, Noor Inayah Yaakub & Wan Hafizuddin, 2011, The Role of Shariah Advisory Council (SAC) in Islamic Finance Dispute Resolution: A Malaysian Experience, paper present�ed in National Conference of Dispute Resolution held on 20 October 2011 at UKM. 6. Hakimah Yaacob, 2010, The New Central Bank of Malaysia Act 2009 (Act 701): Enhancing the Integrity and Role of The Shariah Advisory Council (SAC) in Islamic Finance, International Shari'ah Research Academy for Islamic Finance (ISRA). 7. Mohamed Ismail Bin Mohamed Shariff, The Legislative Jurisdiction of the Federal Parliament in Matters Involving Islamic Law, [2005], 3 MLJ cv; Norhashimah Mohd Yasin, Halangan dan Cabaran Undang-Undang Terhadap Perbankan dan Kewangan Islam di Malaysia, Jurnal Un�dang-Undang Malaysia, 2003 Bil 15. 8. Zainal Amin Ayub, Mohammad Azam Hussain, Nurretina Ahmad Shariff & Dr Hassan Ali, Har�monizing Civil Litigation with Syariah Litigation in Islamic Banking: Malaysian Experience [2007] 2 CLJ ix. 9. Ahmad Hidayat Buang, 2001, Muamalat di Malaysia: Suatu Tajdid atau Reaksi Pasaran, dlm Mahmood Zuhdi Abd Majid (Ed), Dinamisme Pengajian Syariah, Kuala Lumpur: Pernerbitan Universiti Malaya, p 115. ACT: . Central Bank of Malaysia Act 2009. . Central Bank Act 1958 (Repealed). 6 MLJ lxxxvii at cii CASES: . Affin Bank Bhd v Zulkifli bin Abdullah[2006] 3 MLJ 67[2006] 1 CLJ 438. . Bank Kerjasama Malaysia Rakyat Bhd v PSC Naval Dockyard [2007] MLJU 722. . Bank Islam Malaysia Bhd v Lim Kok Hoe & Anor and other appeals [2009] 6 MLJ 839. Page 9 . Bank Islam Malaysia Berhad v Adnan bin Omar [1994] MLJU 221. . Dato' Haji Nik Mahmud bin Daud v Bank Islam Malaysia Bhd [1996] 4 MLJ 295. . Malayan Banking Bhd v Ya'kup bin Oje & Anor [2007] 6 MLJ 389. . Mohd Alias bin Ibrahim v RHB Bank Bhd & Anor [2011] 3 MLJ 26. . Tan Sri Abdul Khalid Ibrahim v Bank Islam Malaysia Bhd and Anor [2012] 7 MLJ 597. . Tinta Press Sdn Bhd v Bank Islam (M) Bhd [1987] 2 MLJ 192. WEBSITES: . http://www.bnm.gov.my/index.php?ch=7&pg=715&ac=802. . http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1954. . http://www.pwc.com/my/en/issues/islamic-finance-malaysia.jhtml. . http://www.btimes.com.my/Current_News/BTIMES/articles/ MONVIEW4/Article/index_htm
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3775-01-FH02-FUHA-19-33419.pdf
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FUHA
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oai_dc
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https://intelek.unisza.edu.my/intelek/pages/view.php?ref=7967
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7967 https://intelek.unisza.edu.my/intelek/pages/view.php?ref=7967 https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection407072 Restricted Document Article Journal application/pdf 10 1.6 Adobe Acrobat Pro DC 20 Paper Capture Plug-in Fuha FUHA 2019-11-27 11:27:27 3775-01-FH02-FUHA-19-33419.pdf UniSZA Private Access Role of the shariah advisory council (sac) in dispute resolution process: perspective on recent case development Malayan Law Journal Articles The Central Bank of Malaysia Act 2009 ('CBA 2009') has granted the authority to the Central Bank of Malaysia for the establishment of the Shariah Advisory Council ('SAC') as the highest and sole authority to be referred by civil courts in dealing with Islamic banking, takaful and Islamic finance cases in Malaysia. This newly introduced Act has repealed the previous Central Bank of Malaysia Act 1958. By virtue of this newly introduced statute, the SAC has been accorded with the role as a sole Shariah authority in Islamic finance. While the rulings of the SAC shall prevail over any contradictory ruling given by a Shariah body or committee constituted in Malaysia, the court and arbitrator are also required to refer to the rulings of the SAC for any proceeding relating to Islamic financial business and such ruling shall be binding. At a glance, it seems that the new CBA 2009 has conferred a vital role and power to the SAC. The Act suggests that it is mandatory for the court to refer to the SAC in resolving a legal dispute, particularly on issues involving Islamic banking and finance under Malaysian law. However, in practice, the impact of this newly introduced Act remains debatable. This paper aims to focus on the effectiveness of the role and power of the SAC, specifically in legal dispute-resolution process pertaining to Islamic banking and finance matters under Malaysian law. Furthermore, this paper will study to what extent the amendment has enhanced the role and power of the SAC in the dispute resolution process under Malaysian law, and last but not least, it will analyse to what extent the Malaysian courts are bound to refer disputes involving Shariah issues in Islamic banking and finance to the SAC 6 1-10 BOOKS AND ARTICLES: 1. Nik Norzrul Thani, Mohamed Ridza Mohamad Abdullah, Megat Hizaini Hassan, 2003, Law and Practice of Islamic Banking and Finance, Sweet and Maxwell Asia, Selangor. 2. Fakihah Azahari, Islamic Banking: Perspective on Recent Case Development [2009] 1 MLJ xci. 3. Engku Rabiah Adawiyah Engku Ali, Constraints and Opportunities in Harmonisation of Civil Law and Shariah in The Islamic Financial Services Industry [2008] 4 MLJ I. 4. Ruzian Markom & Sharina Ali Pitchay, Enforcement of Islamic Banking and Finance in the civil courts of Malaysia, [2010] Shariah Law Reports, Vol 3. 5. Ruzian Markom, Noor Inayah Yaakub & Wan Hafizuddin, 2011, The Role of Shariah Advisory Council (SAC) in Islamic Finance Dispute Resolution: A Malaysian Experience, paper present�ed in National Conference of Dispute Resolution held on 20 October 2011 at UKM. 6. Hakimah Yaacob, 2010, The New Central Bank of Malaysia Act 2009 (Act 701): Enhancing the Integrity and Role of The Shariah Advisory Council (SAC) in Islamic Finance, International Shari'ah Research Academy for Islamic Finance (ISRA). 7. Mohamed Ismail Bin Mohamed Shariff, The Legislative Jurisdiction of the Federal Parliament in Matters Involving Islamic Law, [2005], 3 MLJ cv; Norhashimah Mohd Yasin, Halangan dan Cabaran Undang-Undang Terhadap Perbankan dan Kewangan Islam di Malaysia, Jurnal Un�dang-Undang Malaysia, 2003 Bil 15. 8. Zainal Amin Ayub, Mohammad Azam Hussain, Nurretina Ahmad Shariff & Dr Hassan Ali, Har�monizing Civil Litigation with Syariah Litigation in Islamic Banking: Malaysian Experience [2007] 2 CLJ ix. 9. Ahmad Hidayat Buang, 2001, Muamalat di Malaysia: Suatu Tajdid atau Reaksi Pasaran, dlm Mahmood Zuhdi Abd Majid (Ed), Dinamisme Pengajian Syariah, Kuala Lumpur: Pernerbitan Universiti Malaya, p 115. ACT: . Central Bank of Malaysia Act 2009. . Central Bank Act 1958 (Repealed). 6 MLJ lxxxvii at cii CASES: . Affin Bank Bhd v Zulkifli bin Abdullah[2006] 3 MLJ 67[2006] 1 CLJ 438. . Bank Kerjasama Malaysia Rakyat Bhd v PSC Naval Dockyard [2007] MLJU 722. . Bank Islam Malaysia Bhd v Lim Kok Hoe & Anor and other appeals [2009] 6 MLJ 839. Page 9 . Bank Islam Malaysia Berhad v Adnan bin Omar [1994] MLJU 221. . Dato' Haji Nik Mahmud bin Daud v Bank Islam Malaysia Bhd [1996] 4 MLJ 295. . Malayan Banking Bhd v Ya'kup bin Oje & Anor [2007] 6 MLJ 389. . Mohd Alias bin Ibrahim v RHB Bank Bhd & Anor [2011] 3 MLJ 26. . Tan Sri Abdul Khalid Ibrahim v Bank Islam Malaysia Bhd and Anor [2012] 7 MLJ 597. . Tinta Press Sdn Bhd v Bank Islam (M) Bhd [1987] 2 MLJ 192. WEBSITES: . http://www.bnm.gov.my/index.php?ch=7&pg=715&ac=802. . http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1954. . http://www.pwc.com/my/en/issues/islamic-finance-malaysia.jhtml. . http://www.btimes.com.my/Current_News/BTIMES/articles/ MONVIEW4/Article/index_htm
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| spellingShingle |
Role of the shariah advisory council (sac) in dispute resolution process: perspective on recent case development
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| summary |
The Central Bank of Malaysia Act 2009 ('CBA 2009') has granted the authority to the Central Bank of Malaysia for the establishment of the Shariah Advisory Council ('SAC') as the highest and sole authority to be referred by civil courts in dealing with Islamic banking, takaful and Islamic finance cases in Malaysia. This newly introduced Act has repealed the previous Central Bank of Malaysia Act 1958. By virtue of this newly introduced statute, the SAC has been accorded with the role as a sole Shariah authority in Islamic finance. While the rulings of the SAC shall prevail over any contradictory ruling given by a Shariah body or committee constituted in Malaysia, the court and arbitrator are also required to refer to the rulings of the SAC for any proceeding relating to Islamic financial business and such ruling shall be binding. At a glance, it seems that the new CBA 2009 has conferred a vital role and power to the SAC. The Act suggests that it is mandatory for the court to refer to the SAC in resolving a legal dispute, particularly on issues involving Islamic banking and finance under Malaysian law. However, in practice, the impact of this newly introduced Act remains debatable. This paper aims to focus on the effectiveness of the role and power of the SAC, specifically in legal dispute-resolution process pertaining to Islamic banking and finance matters under Malaysian law. Furthermore, this paper will study to what extent the amendment has enhanced the role and power of the SAC in the dispute resolution process under Malaysian law, and last but not least, it will analyse to what extent the Malaysian courts are bound to refer disputes involving Shariah issues in Islamic banking and finance to the SAC
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| title |
Role of the shariah advisory council (sac) in dispute resolution process: perspective on recent case development
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| title_full |
Role of the shariah advisory council (sac) in dispute resolution process: perspective on recent case development
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| title_fullStr |
Role of the shariah advisory council (sac) in dispute resolution process: perspective on recent case development
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| title_full_unstemmed |
Role of the shariah advisory council (sac) in dispute resolution process: perspective on recent case development
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| title_short |
Role of the shariah advisory council (sac) in dispute resolution process: perspective on recent case development
|
| title_sort |
role of the shariah advisory council (sac) in dispute resolution process: perspective on recent case development
|