The MIFC newsletter brings you global developments and news in the world of Islamic finance. In this issue, we highlight on Centralised Shariah Advisory Authorities in Islamic Finance. Shariah governance is a critical component of a comprehensive regulatory and supervisory infrastructure to ensure Shariah compliance in Islamic financial business. The framework for Shariah governance varies from one jurisdiction to another, but it is generally comprised of two important components, i.e. the Shariah advisory authority appointed by the regulator and the Shariah body established by individual Islamic financial institution. The different model and approach adopted by each country in setting up its centralised Shariah advisory authority commensurate with the size, maturity and complexity of its Islamic financial industry. For more information on Centralised Shariah Advisory Authorities in Islamic Finance, kindly download the infographic.
Bank Negara Malaysia announced the appointment of the Shariah Advisory Council (SAC) members of the Bank for the term 1 November 2019 – 31 October 2022 which comprises nine (9) highly qualified and prominent Shariah scholars and practitioners.
Islamic finance is primed to advance the sustainability agenda. Islamic finance is developed with a higher overarching objective that emphasises maximising positive value creation and prevention of negative impact.
The Securities Commission Malaysia (SC) today released the Sustainable and Responsible Investment Roadmap for the Malaysian Capital Market (SRI Roadmap) aimed at creating an SRI ecosystem and lay out the role of the capital market in driving Malaysia’s sustainable development.
Bank Negara Malaysia issued the Guidance Document for VBIAF aims to facilitate the implementation of an impact-based risk management system for assessing the financing and investment activities of Islamic financial institutions in line with VBI commitments.
Proactive engagement between the regulators and industry players is key to the successful implementation of policies and guidelines aimed at ensuring that Malaysia remains at the forefront of the global Islamic finance industry.
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