Examples of Islamic financial business in a sentence
It also sets out the necessary disclosures required to be made in the course of conducting Islamic financial business.
A dual framework will be maintained for the conventional and Islamic financial business consistent with the dual financial system in Malaysia.
Theprescribed role of the SAC is to (1) advise the BNM on any Shariah issue relating to Islamic financial business or transactions, (2) advise IFIs or any other person or organisation on Islamic financial business and (3) issue rulings pursuant from the request of courts and arbitrators (BNM, 1997).
Similarly, both acts in a general manner specified the role of the SC as to advise the institution pertaining to Islamic financial business (IBA, 3(5)(b); TA, 8(5)(b)).
The Shariah Committee is responsible to provide Shariah decisions, views and opinions relating to Islamic financial business of the Bank including the endorsement of product-related documentation and Shariah-related policies and procedures.
An Islamic financial institution must establish, implement and maintain a policy and procedures manual for Islamic financial business.
In responding to the positive demands of the conventional banks to open Islamic counters, Section 124 (7) of the BAFIA was then introduced which provides for the establishment of the SC to advise the bank relating to Islamic banking business or Islamic financial business.
In Section 51(1) of Central Bank of Malaysia Act 2009 (CBMA 2009), the SAC has been established as the authority for the ascertainment of Islamic law for the purposes of Islamic financial business.
The RMC is responsible for total risk oversight covering credit risk, market risk, liquidity risk, compliance risk, operation risk, information security risk and unique risk for Islamic financial business in particular Shariah non-compliance risk.
Part VII is divided into 2 chapters i.e. Chapter 1 SharīʿahAdvisory Council (Section 51 to 58)20 andChapter 2 (Section 59 -60) Powers of the Bank.21 Part VII directly provides for the Islamic financial business which is defined under section 2 as any financial business in ringgit or other currency which is subject to the 13Sharīʿah Governance Framework for Islamic Financial Institutions‟ issued by BNM.