Hussain, Mohammad Azam and Hassan, Rusni and Azhar, Alias (2016) 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, 6 (S7). pp. 266-270. ISSN 2146-4138

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Abstract

The Shariah Committee (SC) 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 SC.Such elements reflect the effectiveness, objectivity and independence of the SC in discharging their duties.In Malaysia the appointment, re-appointment and cessation of the member of the SC 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.

Item Type:	Article
Additional Information:	Special Issue for "International Soft Science Conference (ISSC 2016), 11-13 April 2016, Universiti Utara Malaysia, Malaysia"
Uncontrolled Keywords:	Shariah Committee, Appointment of Shariah Committee, Islamic Finance
Subjects:	H Social Sciences > HG Finance K Law > K Law (General)
Divisions:	School of Law
Depositing User:	Dr. Mohammad Azam Hussain
Date Deposited:	23 Jan 2017 01:04
Last Modified:	23 Jan 2017 01:04
URI:	https://repo.uum.edu.my/id/eprint/20727

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