islamic legal framework

8/16/2019 islamic legal framework

1/17

LEGAL AND SYARIAH FRAMEWORKOF THE MALAYSIAN ISLAMICFINANCE SYSTEM & LEGALFRAMEWORK OF ISLAMICBANKING

Presented by:Suhaeni binti Abdul Karim

Siti Nur huda Binti MohammadSiti Syakirin NurulA’in BintiAzmi

Siti Rohaya Binti Mustafa


2/17

Legal And Syariah rame!ork "f #he Malaysian$slami% inan%ial System & Legal rame!ork "f

$slami% Banking

#he 'osition of $slami% la! in the federal

%onstitution #he la! and regulation !hi%h go(ern$slami% inan%e

Shariah go(ernan%e frame!ork for $slami%inan%ial $nstitution

#he role of the shariah su'er(isory board)shariah ad(isory %oun%il *SA+,


3/17

#he 'osition of islami% la! in the federal %onstitution

o Part $- of the federal %onstitution go(ern therelation bet!een the federation and thestates

o Para .*ii, and . *k, of list $ of the ninths%hedule em'o!ers 'arliament to ena%t la!related to shariah/

o or the state legislatures0 the 'o!er to ena%tla! is outlined in 'ara l list ll of the state list

o $n short 'arliament has no legislati(e 'o!ero(er $slami% 'ersonal la! relating to marriage0

di(or%e0 guardianshi'0 maintenan%e/Ado'tion0 legitima%y0 family la!s0 gift0su%%ession testate and intestate/

o 1o!e(er 'arliament by (irtue of 'ara .*k,may ena%ts la!s !ith res'e%t to theas%ertainment of $slami% La! for 'ur'ose of

federal la!o As for state legislature they may ena%t la!

$ntrodu%tion


4/17

• $n 23340 the %ourt to a''eal in the Bank Ker5asamaRakyat Malaysia Bhd ( 6m%ee %or'oration held thatalthough the fa%ility in(ol(ed !as an $slami%banking fa%ility0 the la! !as a''li%able !as thesame la! under %on(entional banking and the same

'rin%i'le and 'ro%edure should be a''lied inde%iding the a''li%ation/

• #here in %ase in(ol(ing %harges0 the la! a''li%ableare the National Land +ode 789 *N+L, and theRules of the 1igh +ourt 78;3/

• #he leading %ase on the sub5e%t !as Lo! Lee Lian (

Ban 1in Lee Bank Bhd in establishing %ause to%ountray under se% 29 *4, of the N+L/

• #he abo(e 'rin%i'le !as follo!ed in the %ase ofBank $slam Malaysian Berhad l!n PasarayaPeladang sdn Bhd !hereby the learned 5udge state

that although the %ase in(ol(ed a fa%ility under the$slami% Banking system0 the la! a''li%able !as the

#he A''li%able La! #o $slami%Banking And inan%e


5/17

• $n another %ase of Malayan Banking Bhd ( Marilyn 1o SiokLin0 the learned


6/17

#he La! And Regulation =hi%h Co(ern$slami% inan%e

#he Dnan%ial ser(i(es A%t of 2374 *SA, andthe $slami% inan%ial Ser(i%es A%t *$SA, %ameinto o'eration on 43 5une 2374


7/17

"(er(ie! of$SA and SA


8/17

Regulation "f

Shareholding


9/17

Roles of BNM

i. Afrmation o BNM o!"r to #"$i%#tanar#.

ii. Afrmation #tat'# o BNM SAC r'(in)iii. A##"##m"nt* in+"#ti)ation* ir"$ti+"#*

int"r+"ntion* imo#ition o ,"a+%"na(ti"#


10/17

un%tion and duties of board ofdire%tors

Ender *2,*f, : ha(e due regard to any de%ision of

the shariah %ommittee on any shariah issue

Ender *4,*a, : ha(e regard to the interest of asthe %ase may be de'ositors in(estment a%%ountholders and takaful 'arti%i'ants

Ender *4,*b, : gi(e 'riority to the interest of thetakaful 'arti%i'ants


11/17

6nsure %om'lian%e !ith shariah at all times

• $n its aims o'eration0 business0 aFairs anda%ti(ities

• Adhere to BNM standard or seek guidan%efrom their shariah %ommittees

•


12/17

S - & -/ Aointm"nt o E0t"rna(S,aria, A'itor

BNM may reGuire an $$ to a''oint any'erson to %arry out Shariah audit/

#he 'erson a''ointed shall ha(e su%h dutiesand fun%tion as may be s'e%iDed by BNMand shall submit a re'ort to BNM/

#he $$ !ill bear remuneration and eH'ensesof the Shariah auditor/

S"$tion -1

• Pro(ide any do%ument or information !ithinits or his kno!ledge or %a'able of beingobtained by it or him0 !hi%h Shariah%ommittee may reGuire/

• 6nsure that su%h do%ument or information'ro(ided is a%%urate0 %om'lete0 not false ormisleading in any material 'arti%ular


13/17


14/17

BNM SC 2377 reGuires:


15/17

E0"r$i#" o $ar" an '" i(i)"n$" a# ""n#" 'n"r IFSA

• #he brea%h)oFen%e !as %ommitted !ithout his

%onsent or %onni(an%eI• 1e eHer%ised su%h diligen%e to 're(ent the

%ommission of the oFen%e as he ought to ha(eeHer%ised

• 1a(ing regard to the nature of his fun%tion inthat %a'a%ity and to the %ir%umstan%es/


16/17

• $ntrodu%ed in may 788

• #he SA+ ga(e further %onsideration to%om'anies that !ere in(ol(ed in bothshariah %om'liant and nonJ%om'lianta%ti(ities by a''lying the %on%e't of

maslahah*'ubli% interest and umum bal!a*%ommon 'light,

#he Role "f Shariah Su'er(isoryBoard)Shariah Ad(isory +oun%il

*SA+,


17/17

+on%lusion

#he SA and the $SA ree%t a%ommitment on the 'art of theMalaysian Co(ernment to %reate a

more robust and !ellJregulated legalframe!ork for Dnan%ial ser(i%es

islamic legal framework

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