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Press Release
25 Jun | Wednesday
Concept Papers: Ijarah and Istisna'

Bank Negara Malaysia is issuing two concept papers on Ijarah and Istisna' for public consultation. The concept paper aims to seek feedback from members of the public, Islamic financial institutions and related stakeholders on the Shariah and operational requirements for the application of ijarah and istisna' contracts.

Background
As part of the initiatives to strengthen the Shariah-compliance practices among Islamic financial institutions (IFIs), Bank Negara Malaysia is developing a Shariah-based regulatory policy with the objective to provide a comprehensive guidance to the lslamic financial industry to enhance end-to-end compliance with Shariah and therefore, ensure the integrity and sustainability of the IFI.

This Shariah-based regulatory policy consists of two components, namely the Shariah requirements and operational requirements. The Shariah requirements highlight the salient features and essential conditions of specific Shariah contract to facilitate sound understanding of a particular contract by the lFI. The operational requirements set out the expectations with respect to governance and oversight, structuring, risk management, business and market conduct, and financial disclosures.

Objective
These Concept Papers (CP) provide both the Shariah and operational requirements for the application of ijarah and istisna' contracts. Whilst the Shariah requirements serve as reference to facilitate in providing feedback and comments, Bank Negara Malaysia invites written feedback and comments from the public only on the operational requirements for the application of ijarah and istisna' contracts, including suggestions for particular issues/areas to be clarified/elaborated further and any alternative proposals that the Bank should consider. The feedback must be supported with clear rationale, accompanying evidence or illustration, as appropriate to facilitate effective review of these CP.

Feedback from the Public and various stakeholders
Members of the public, Islamic financial institutions and related stakeholders are encouraged to provide written feedback on the concept paper. 

The deadline for the submission of feedback and comments is by 25 July 2014.

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