Reference to Shari’ah Advisory Council in Islamic finance: Effect of Changes to the Stakeholders

DOI

10.2991/iceb-15.2015.22How to use a DOI?

Keywords

Shariah Advisory Council, Islamic Finance, impact, stakeholders

Abstract

The passing of the Central Bank of Malaysia Act 2009 has granted the authority to the Central Bank of Malaysia for the establishment of the Shariah Advisory Council as the highest and sole authority for the purpose of Islamic financial business in Malaysia. The intention of the Parliament is to rectify the defunct provision of Section 16B of the Central Bank of Malaysia 1958 which deals with the binding effect of the Shariah rulings issued by the Shariah Advisory Council. The effect of the Central Bank of Malaysia Act 2009 is yet to be discussed especially on the impact of changes in the Act to the stakeholders. The objective of this research is to analyse the impact of changes on the stakeholders namely the Shariah Committee of Islamic banks and bankers from operation division in Islamic banks. Qualitative research methodology is employed in this research by way of strategic conversation and focus group discussion. This research will provide a critical analysis and expected to give a clear explanation on the impact of changes in the Central Bank of Malaysia Act 2009 towards the stakeholders

Copyright

© 2015, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Nurauliani Jamlus Rafdi
AU  - Surianom Miskam
AU  - Noor Aimi Mohamad Puad
PY  - 2015/05
DA  - 2015/05
TI  - Reference to Shari’ah Advisory Council in Islamic finance: Effect of Changes to the Stakeholders
BT  - Proceedings of the International Conference on Economics and Banking 2015
PB  - Atlantis Press
SP  - 149
EP  - 155
SN  - 2352-5428
UR  - https://doi.org/10.2991/iceb-15.2015.22
DO  - 10.2991/iceb-15.2015.22
ID  - Rafdi2015/05
ER  -