2015). We hardly see a scholar having a full-fledge research house coming into the market with resources that can support the business requirements of an Islamic Financial Institution (IFI). Malaysian 134 members. Designated Shariah Officer for Masryef is Miss Adlin Zulkefli. A quick summary of the points in the Shariah Governance Policy Document (2019) are as follows: HOW MUCH POWER DOES THE SHARIAH COMMITTEE REALLY HAVE? LEARN MORE. SHARIAH COMMITTEE Associate Professor Dr Aznan Hasan. She obtained her Bachelor Degree in Islamic Banking and Economy from Yarmouk University in 2017, followed by a Master’s degree in Fiqh and Usul al-Fiqh from International Islamic University Malaysia (IIUM) in 2019. To ensure that every transaction complies with Islamic Law, we have in place a ‘Shari’a Board’, comprising of scholars of the highest repute, with vast experience in the field of Islamic Jurisprudence, economics and banking. How About We Stop the Wayang in Islamic Banking? 4, pp. Public Islamic Bank gives no warranty as to the entirety, accuracy or security of the linked web site or any of its content. Bank Negara Malaysia Privacy |  Customer Service Charter | Book Review :Islamic Finance in the Global Economy. Shari'ah prohibits the payment or acceptance of interest charges (riba) for the lending and accepting of money, as well as carrying out trade and other activities that provide goods or services … Possesses appropriate professional qualifications and wide experience, knowledge and expertise in Shariah and Islamic Finance. Islamic Banking Department. The Islamic Banking Department is a subsidiary of the Wholesales Banking Group, which supports the Internal Sharia Supervisory Committee in achieving its objectives and performance, and It contains the following sections: Shariah Governance and Shariah Risk Section. Dr Aznan received his first degree in Shariah from the University of al … Ustaz Mohd Kamal bin Mokhtar. Terms & Conditions |  That level is still left to interpretation although with the requirement to be “conversant in Arabic” implies Shariah scholar should be referring their research and decisions more consistent with global standards, where text, references and decisions are discussed and derived in Arabic. indirectly for any content of or any transactions entered via the linked web site. 4. It is a new statute that repeals the Islamic Banking Act 1983 and was enforced on 30 June 2013. Associate Professor Dr Aznan Hasan. Public Bank Group does not Dr Nik Abdul Rahim received his bachelor’s degree in Shariah from Islamic University of Medina in 2003 and master’s degree in Shariah from UKM in 2009. He graduated from the National University of Singapore (NUS) with a B.Sc. Dato’ Dr. Mahmood Zuhdi is a well known Shariah scholar and is also the Chairman of the Shariah Committee for AIA PUBLIC Takaful Berhad. He has been with BML Islamic since January 2013 as a member of the Shari’ah Advisory Committee. All I know is that globally, it is common to see one advisor sitting on multiple boards; and from the knowledge gathering for being in multiple boards, can be a substantial resource for the IFI. While the limitation of service of not more than 9 years is good for an IFI (to encourage rotation in the industry), I still feel the knowledge growth and development of Shariah Committees may not be as fast as the anticipated industry growth. She was a member of Shariah Advisory Council Bank Negara Malaysia, the highest legal body that ascertained the Islamic law for the purposes of Islamic financial business in the country from 2010 to 2016. Appointment of the Shariah Committee must fulfil the following: the person is a Muslim Shariah Committee. This shall lead to stronger governance but I am not convinced on the development of Shariah Committees with the limitations imposed on appointments into Islamic Financial Institutions. The Shariah Advisory Council of Bank Negara Malaysia (SAC) was established in May 1997 as the highest Shariah authority in Islamic finance in Malaysia. Professor Emeritus Dato' Paduka Dr. Mahmood Zuhdi bin Haji Ab Majid, Member, Malaysian Institute of Integrity (2013-2016), Panel Member, Shariah Court of Appeal Kelantan, Shariah Advisor, AIA PUBLIC Takaful Berhad. However, BNM also allows the challenge on Shariah Committee decisions if the bank deems the decisions have not taken into considerations the practical and business sense, especially for decisions stricter than the SAC. Snapshot of the SC members by academic background and nationality. Perhaps there is a concern where there could be a conflict of interest? in Zoology and Botany. advisers in the industry. 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