The Procedures of Appointment and Cessation of the Shariah Committee Member of the Islamic Banks and Takaful Companies in Malaysia: Legal Analysis
The Shariah Committee is entrusted with the duties and responsibilities to ensure that the Islamic banking and takaful institutions comply with the Shariah principles in its operations and business activities. The procedures of appointment and cessation are among the important points that should be...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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EconJournals
2016-11-01
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| Series: | International Journal of Economics and Financial Issues |
| Online Access: | https://www.econjournals.com/index.php/ijefi/article/view/3618 |
| _version_ | 1828029802770071552 |
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| author | Mohammad Azam Hussain Rusni Hassan Alias Azhar |
| author_facet | Mohammad Azam Hussain Rusni Hassan Alias Azhar |
| author_sort | Mohammad Azam Hussain |
| collection | DOAJ |
| description |
The Shariah Committee is entrusted with the duties and responsibilities to ensure that the Islamic banking and takaful institutions comply with the Shariah principles in its operations and business activities. The procedures of appointment and cessation are among the important points that should be discussed in relation to the Shariah Committee. Such elements reflect the effectiveness, objectivity and independence of the Shariah Committee in discharging their duties. In Malaysia the appointment, re-appointment and cessation of the member of the Shariah Committee are regulated by legislations governing Islamic financial business. With the objective to scrutinize the procedures prescribed by legislations, this study adopted legal research method. By using content analysis, the study found that several loopholes existed in the existing legislations which should be addressed by relevant authoritative. This is significant in order to strengthen the legal framework as well as to avoid any legal conflict in the future.
Keywords: Shariah Committee; Appointment of Shariah Committee; Islamic Finance
JEL Classifications: G02, G2
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| first_indexed | 2024-04-10T14:16:01Z |
| format | Article |
| id | doaj.art-047a628f38794e09a1e9d8629c7c1e6a |
| institution | Directory Open Access Journal |
| issn | 2146-4138 |
| language | English |
| last_indexed | 2024-04-10T14:16:01Z |
| publishDate | 2016-11-01 |
| publisher | EconJournals |
| record_format | Article |
| series | International Journal of Economics and Financial Issues |
| spelling | doaj.art-047a628f38794e09a1e9d8629c7c1e6a2023-02-15T16:09:30ZengEconJournalsInternational Journal of Economics and Financial Issues2146-41382016-11-0167SThe Procedures of Appointment and Cessation of the Shariah Committee Member of the Islamic Banks and Takaful Companies in Malaysia: Legal AnalysisMohammad Azam HussainRusni HassanAlias Azhar The Shariah Committee is entrusted with the duties and responsibilities to ensure that the Islamic banking and takaful institutions comply with the Shariah principles in its operations and business activities. The procedures of appointment and cessation are among the important points that should be discussed in relation to the Shariah Committee. Such elements reflect the effectiveness, objectivity and independence of the Shariah Committee in discharging their duties. In Malaysia the appointment, re-appointment and cessation of the member of the Shariah Committee are regulated by legislations governing Islamic financial business. With the objective to scrutinize the procedures prescribed by legislations, this study adopted legal research method. By using content analysis, the study found that several loopholes existed in the existing legislations which should be addressed by relevant authoritative. This is significant in order to strengthen the legal framework as well as to avoid any legal conflict in the future. Keywords: Shariah Committee; Appointment of Shariah Committee; Islamic Finance JEL Classifications: G02, G2 https://www.econjournals.com/index.php/ijefi/article/view/3618 |
| spellingShingle | Mohammad Azam Hussain Rusni Hassan Alias Azhar The Procedures of Appointment and Cessation of the Shariah Committee Member of the Islamic Banks and Takaful Companies in Malaysia: Legal Analysis International Journal of Economics and Financial Issues |
| title | The Procedures of Appointment and Cessation of the Shariah Committee Member of the Islamic Banks and Takaful Companies in Malaysia: Legal Analysis |
| title_full | The Procedures of Appointment and Cessation of the Shariah Committee Member of the Islamic Banks and Takaful Companies in Malaysia: Legal Analysis |
| title_fullStr | The Procedures of Appointment and Cessation of the Shariah Committee Member of the Islamic Banks and Takaful Companies in Malaysia: Legal Analysis |
| title_full_unstemmed | The Procedures of Appointment and Cessation of the Shariah Committee Member of the Islamic Banks and Takaful Companies in Malaysia: Legal Analysis |
| title_short | The Procedures of Appointment and Cessation of the Shariah Committee Member of the Islamic Banks and Takaful Companies in Malaysia: Legal Analysis |
| title_sort | procedures of appointment and cessation of the shariah committee member of the islamic banks and takaful companies in malaysia legal analysis |
| url | https://www.econjournals.com/index.php/ijefi/article/view/3618 |
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