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...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Universiti Malaya
2015
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| Online Access: | http://irep.iium.edu.my/46930/ http://irep.iium.edu.my/46930/1/Analysis_on_Development_of_legislations_on_SAC-Jurnal_Syariah.pdf |
| _version_ | 1848783052569837568 |
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| author | Hussain, Mohammad Azam Hassan, Rusni Hasan, Aznan |
| author_facet | Hussain, Mohammad Azam Hassan, Rusni Hasan, Aznan |
| author_sort | Hussain, Mohammad Azam |
| building | IIUM Repository |
| collection | Online Access |
| 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. |
| first_indexed | 2025-11-14T16:15:13Z |
| format | Article |
| id | iium-46930 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T16:15:13Z |
| publishDate | 2015 |
| publisher | Universiti Malaya |
| recordtype | eprints |
| repository_type | Digital Repository |
| 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 |
| spellingShingle | HG Finance Hussain, Mohammad Azam Hassan, Rusni Hasan, Aznan Analysis on the development of legislations governing Shariah advisory council of Bank Negara Malaysia |
| title | 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_short | 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 |
| topic | HG Finance |
| 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 |