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Shariah Advisory Council (SAC) in the Malaysian lslamic Financial Institutions: Features and legal issues


Md Dahlan, Nuarrual Hilal and Abdul Jalil, Ahmad Zafarullah and Zainol, Zairani and Maamor, Selamah (2014) Shariah Advisory Council (SAC) in the Malaysian lslamic Financial Institutions: Features and legal issues. In: 11th AGBA World Congress, November, 2014, New Delhi, India.

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Abstract

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. The Central Bank of Malaysia and the lslamic Financial institutions ('IFIs') shall consult SAC in respect of lslamic banking/financial business and affairs. The decision of SAC is binding on IFls, the Central Bank of Malaysia, the Shariah Committee, the court of law and the arbitrators on matters pertaining to lslamic banking/financial matters. This paper highlights the features that SAC have in the context of Malaysian lFls through the existing legal framework.Further, it discusses some issues concerning SAC.This paper is a fruit of a pure legal research on the features and issues of SAC in the Malaysian IFls.At the ending part of this paper, the authors provide certain recommendations in regard to the issues discussed.

Item Type: Conference or Workshop Item (Paper)
Additional Information: AGBA's refereed conference proceedings (Advances in Global Business Research --- ISSN 1549 – 9332) are published in both hard and soft forms at each conference
Uncontrolled Keywords: Shariah Advisory Committee (SAC); Features; Issues; Malaysia; lslamic Financial Institutions.
Subjects: H Social Sciences > HG Finance
K Law > K Law (General)
Divisions: College of Law, Government and International Studies
Depositing User: Dr. Nuarrual Hilal Md. Dahlan
Date Deposited: 16 Mar 2015 09:09
Last Modified: 16 Mar 2015 09:09
URI: http://repo.uum.edu.my/id/eprint/13735

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