This assignment has brought us In making lots of research and we came across to acquire new things about Islamic Finance and Islamic banking specifically. Nevertheless, we would also Like to thank our fellow classmates who have been providing ideas, contributing their time and also the cooperation to complete our assignment on time. Without them, this project would might not come into its present form. The compliance with Shania principles is an integral feature in the Islamic banking and finance. An effective and conducive Share framework Is imperative In assuring such compliance.
It will underpin a comprehensive and wholesome development of this sector. An effective Shari framework will harmonize the Shari interpretations, strengthen the regulatory and supervisory oversight of the industry and will also foster and nurture a pool of competent Share advisers. To achieve the above objectives, Bank Engage Malaysia has amended the Central Bank of Malaysia Act 1958 to enhance the role and functions of its Shari Advisory Council for Islamic Banking and Tactful (SAC). This amendment has accorded the SAC as the sole Shania authority In Islamic finance.
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As the sole Share authority, the SAC will be referred to by the court or arbitrator in disputes involving Shari issues in Islamic banking, finance and tactful cases. To effectively play Its role, the SAC operates as an Independent body. An Independent SAC with high level of integrity will command public confidence and thereby will boost the industry to a greater height. There is also a crucial need to define the relationship between the SAC and Shari bodies which act as Shari advisers in the Industry Towards this end, the Shania bodies in the Islamic financial Institution need to be rationalized.
Act and the first Islamic bank licensed is Bank Islam Malaysia Bertha established on 1 July 1983 1984 First licensed tactful operator was established 1990 Establishment of the Labial International Offshore Financial Centre (OFFICIO) which also provides Islamic financial services 1993 BIN set up the Skim Barbarian Tanta Fathead which was later known as Islamic Banking Scheme (BIBS) that allows conventional banks to offer Islamic windows’ banking products 1994 Interbrain Islamic Money Market was established.