Islamic financial business definition

Islamic financial business means any Islamic financial business, the aims and operations of which do not involve any element which is not approved by the religion of Islam.
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Islamic financial business means any financial business in ringgit or other currency which is subject to the laws enforced by the Bank and consistent with the Shariah;
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Islamic financial business means the business or activity in accordance with Shariah which a prescribed institution is approved to carry on under paragraph 33B(1)(a) or (b), which may include—
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Examples of Islamic financial business in a sentence

  • In the case of a takaful entity that is not an Islamic financial institution, this Chapter applies only to the part of the entity’s business that is Islamic financial business.

  • It also sets out the necessary disclosures required to be made in the course of conducting Islamic financial business.

  • The Board must continuously develop and strengthen its members’ knowledge and understanding on Islamic finance/ takaful/ retakaful, as well as keep abreast with developments that may impact Islamic financial business.

  • A dual framework will be maintained for the conventional and Islamic financial business consistent with the dual financial system in Malaysia.

  • Sections 37 and 38 not to apply to Islamic banksThe provisions of sections 37 and 38 shall not apply to a financial institution engaging in Islamic financial business in accordance with this Act.

  • Shari’ah Advisory Board(1) Every financial institution which conducts Islamic financial business shall appoint and maintain a Shari’ah Advisory Board.

  • In cases of disputes and court proceedings relating to Islamic financial business or any Shariah issues arising from the IFI’s business operations, both the court and the arbitrator shall take into consideration the published rulings of the SAC or refer such issues to the SAC for its ruling.

  • A holistic culture of Shariah compliance refers to the way in which the IFI complies with Shariah principles in its overall Islamic financial business operations.

  • An authorised firm that conducts Islamic financial business must comply with the requirements in ISFI and any other applicable regulatory requirements.

  • For the avoidance of doubt, a financial institution shall, in respect of Islamic financial business carried on by it, be subject to the provisions of this Act.


More Definitions of Islamic financial business

Islamic financial business means financial business whose aims and operations do not involve any element which is not approved by syariah; and
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Islamic financial business means financial institution business which conforms to the Shari’ah and includes—
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Islamic financial business means financial business whose aims and operations are in accordance with Hukum
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Islamic financial business means financial business undertaken by a person that conforms to Shari’ah principles and includes—
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Related to Islamic financial business

  • Principal Business means the primary activity as determined by analyzing the amount of capi- tal, labor, time, attention, and floor space devoted to each business activity and by analyz- ing the sources of net income and gross income. The name, appearance, and advertising of the entity may also be taken into consideration if they are given less weight.

  • banking business means the business of accepting deposits withdrawable or repayable on demand or after a fixed period or after notice and the employment of those deposits, in whole or in part, by lending or any other means for the account and at the risk of the person accepting the deposits;

  • Branch business means any insurance business transacted by a branch captive insurance company in this State.

  • Unitary business means one or more related business organizations engaged in business activity both within and outside the State among which there exists a unity of ownership, operation, and use; or an interdependence in their functions.

  • Minority Business means a business: