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LEGAL AND SYARIAH FRAMEWORKOF THE MALAYSIAN ISLAMICFINANCE SYSTEM & LEGALFRAMEWORK OF ISLAMICBANKING
Presented by:Suhaeni binti Abdul Karim
Siti Nur huda Binti MohammadSiti Syakirin NurulA’in BintiAzmi
Siti Rohaya Binti Mustafa
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Legal And Syariah rame!ork "f #he Malaysian$slami% inan%ial System & Legal rame!ork "f
$slami% Banking
#he 'osition of $slami% la! in the federal
%onstitution #he la! and regulation !hi%h go(ern$slami% inan%e
Shariah go(ernan%e frame!ork for $slami%inan%ial $nstitution
#he role of the shariah su'er(isory board)shariah ad(isory %oun%il *SA+,
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#he 'osition of islami% la! in the federal %onstitution
o Part $- of the federal %onstitution go(ern therelation bet!een the federation and thestates
o Para .*ii, and . *k, of list $ of the ninths%hedule em'o!ers 'arliament to ena%t la!related to shariah/
o or the state legislatures0 the 'o!er to ena%tla! is outlined in 'ara l list ll of the state list
o $n short 'arliament has no legislati(e 'o!ero(er $slami% 'ersonal la! relating to marriage0
di(or%e0 guardianshi'0 maintenan%e/Ado'tion0 legitima%y0 family la!s0 gift0su%%ession testate and intestate/
o 1o!e(er 'arliament by (irtue of 'ara .*k,may ena%ts la!s !ith res'e%t to theas%ertainment of $slami% La! for 'ur'ose of
federal la!o As for state legislature they may ena%t la!
$ntrodu%tion
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• $n 23340 the %ourt to a''eal in the Bank Ker5asamaRakyat Malaysia Bhd ( 6m%ee %or'oration held thatalthough the fa%ility in(ol(ed !as an $slami%banking fa%ility0 the la! !as a''li%able !as thesame la! under %on(entional banking and the same
'rin%i'le and 'ro%edure should be a''lied inde%iding the a''li%ation/
• #here in %ase in(ol(ing %harges0 the la! a''li%ableare the National Land +ode 789 *N+L, and theRules of the 1igh +ourt 78;3/
• #he leading %ase on the sub5e%t !as Lo! Lee Lian (
Ban 1in Lee Bank Bhd in establishing %ause to%ountray under se% 29 *4, of the N+L/
• #he abo(e 'rin%i'le !as follo!ed in the %ase ofBank $slam Malaysian Berhad l!n PasarayaPeladang sdn Bhd !hereby the learned 5udge state
that although the %ase in(ol(ed a fa%ility under the$slami% Banking system0 the la! a''li%able !as the
#he A''li%able La! #o $slami%Banking And inan%e
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• $n another %ase of Malayan Banking Bhd ( Marilyn 1o SiokLin0 the learned
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#he La! And Regulation =hi%h Co(ern$slami% inan%e
#he Dnan%ial ser(i(es A%t of 2374 *SA, andthe $slami% inan%ial Ser(i%es A%t *$SA, %ameinto o'eration on 43 5une 2374
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"(er(ie! of$SA and SA
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Regulation "f
Shareholding
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Roles of BNM
i. Afrmation o BNM o!"r to #"$i%#tanar#.
ii. Afrmation #tat'# o BNM SAC r'(in)iii. A##"##m"nt* in+"#ti)ation* ir"$ti+"#*
int"r+"ntion* imo#ition o ,"a+%"na(ti"#
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un%tion and duties of board ofdire%tors
Ender *2,*f, : ha(e due regard to any de%ision of
the shariah %ommittee on any shariah issue
Ender *4,*a, : ha(e regard to the interest of asthe %ase may be de'ositors in(estment a%%ountholders and takaful 'arti%i'ants
Ender *4,*b, : gi(e 'riority to the interest of thetakaful 'arti%i'ants
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6nsure %om'lian%e !ith shariah at all times
• $n its aims o'eration0 business0 aFairs anda%ti(ities
• Adhere to BNM standard or seek guidan%efrom their shariah %ommittees
•
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S - & -/ Aointm"nt o E0t"rna(S,aria, A'itor
BNM may reGuire an $$ to a''oint any'erson to %arry out Shariah audit/
#he 'erson a''ointed shall ha(e su%h dutiesand fun%tion as may be s'e%iDed by BNMand shall submit a re'ort to BNM/
#he $$ !ill bear remuneration and eH'ensesof the Shariah auditor/
S"$tion -1
• Pro(ide any do%ument or information !ithinits or his kno!ledge or %a'able of beingobtained by it or him0 !hi%h Shariah%ommittee may reGuire/
• 6nsure that su%h do%ument or information'ro(ided is a%%urate0 %om'lete0 not false ormisleading in any material 'arti%ular
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BNM SC 2377 reGuires:
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E0"r$i#" o $ar" an '" i(i)"n$" a# ""n#" 'n"r IFSA
• #he brea%h)oFen%e !as %ommitted !ithout his
%onsent or %onni(an%eI• 1e eHer%ised su%h diligen%e to 're(ent the
%ommission of the oFen%e as he ought to ha(eeHer%ised
• 1a(ing regard to the nature of his fun%tion inthat %a'a%ity and to the %ir%umstan%es/
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• $ntrodu%ed in may 788
• #he SA+ ga(e further %onsideration to%om'anies that !ere in(ol(ed in bothshariah %om'liant and nonJ%om'lianta%ti(ities by a''lying the %on%e't of
maslahah*'ubli% interest and umum bal!a*%ommon 'light,
#he Role "f Shariah Su'er(isoryBoard)Shariah Ad(isory +oun%il
*SA+,
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+on%lusion
#he SA and the $SA ree%t a%ommitment on the 'art of theMalaysian Co(ernment to %reate a
more robust and !ellJregulated legalframe!ork for Dnan%ial ser(i%es