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Shariah Advisory Council (SAC) in the Malaysian lslamic Financial Institutions: Features and legal issues
Published 2014“…Shariah Advisory Council ('SAC') is established under the Central Bank of Malaysia Act 2009 (Act 701).SAC acts as an authority for the ascertainment of lslamic law for the purposes of lslamic banking/financial business. …”
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2
Legal aspect of Islamic banking: A case study of Bahrain
Published 2015“…It is a former province of Iran ((Federal research Division, 2004), which is called as "Pearl of Persian Gulf' and is densely populated Arab country.Its area is only 260 square miles, which is one of the most crowded countries on earth.It is home for one million people approximately (Gillespie, 2002).Bahrain has a long history as hub of banking and it strives hard to retain that status (Oxford Business Group: The Report: Bahrain, 2008).Likewise, the Kingdom of Bahrain is considered to be the hub of Islamic banking according to the Central Bank of Bahrain, which is proud to play host to the largest concentration of Islamic financial institutions in the Middle East region.A country, indeed, with an area of only 665 square kilometers has become one of the leading Islamic financial centers in the region (New Horizon, 2007).…”
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3
The Shariah Advisory Council in the Malaysian Islamic financial institutions: features and legal issues
Published 2016“…The Malaysian Shariah Advisory Council ('SAC'), established under the Central Bank of Malaysia Act 2009 (Act 701), acts as an authority for the ascertainment of Islamic law in the operation of Islamic Financial Institutions ('IFIs').Its decision is binding on all IFIs, the Bank Negara Malaysia, the Shariah Committee, the court of law and the arbitrators in Malaysia. …”
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Shariah and legal issues in the bay' bithaman-al-ajil (BBA): A viewpoint
Published 2010“…The functions, roles, establishment and problems plaguing the SAC and the SAB are also examined, particularly in respect of their role in advising the institutions on transactions involving house buying in Malaysia, bearing on provisions of the recent statute--the Central Bank of Malaysia Act 2009 (Act 701), enforced on 19 August 2009. …”
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Shariah and legal issues in the Bay' Bithaman-Al-Ajil (BBA): A viewpoint
Published 2010“…The functions, roles, establishment and problems plaguing the SAC and the SAB are also examined, particularly in respect of their role in advising the institutions on transactions involving house buying in Malaysia, bearing on provisions of the recent statute--the Central Bank of Malaysia Act 2009 (Act 701), enforced on 19 August 2009. …”
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Shariah and legal in housing buying in Malaysia: Do we need to radically revamp the practice?
Published 2009“…One of the areas which is worth examined is the transaction involving house buying, especially house buying falling under the purview of the Housing Development (Control and Licensing) Act 1966 (Act 118)or transaction involving the pending completion houses.This paper examines this area of transaction and the loan agreement, effected via Bay' Bithaman al-Ajil (BBA), provided by the Islamic banking and financial institutions in Malaysia.The purpose is to see to what extent the sale and purchase agreement and the loan agreement have really complied with the requirements of Islamic Law, in the protection of the stakeholders and what are the practical suggestions should be made to improve the existing practice.Further, this paper will also examine the functions, roles, establishment and problems plaguing the SAC and the SAB, particularly in respect of their role in advising the institutions on transaction of house buying in Malaysia and bearing on provisions in the recent statute - the Central Bank of Malaysia Act 2009 (Act 701), enforced on 19 August 2009.…”
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Conference or Workshop Item