Challenges in Securing Shariah Compliance Issues among Islamic Financial Institutions: A Malaysian Perspective

Abdul Majid Tahir, Mohamed and Zanirah, Mustafa @ Busu (2016) Challenges in Securing Shariah Compliance Issues among Islamic Financial Institutions: A Malaysian Perspective. Journal of Applied Environmental and Biological Sciences, 6 (10). pp. 7-14. ISSN 2090-4274

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Abstract

This paper aims to examine the extent of the implementation of mualamat legal provisions in Islamic banking institutions in Malaysia. It seeks to ensure whether the operation and management of Islamic banks in this country comply with the Shariah requirement. Besides, it also aims to examine the extent of the laws’ effectiveness in overcoming encountered issues and problems. The author will use the qualitative method in analysing the data. This research will utilise the purposive sampling method to conduct the interview because the author will select the best group to be studied, comprising officers who are involved either directly or indirectly in Islamic banking. The case study method will be used to collect recorded data that are related to Islamic banking case reports. Therefore, to propose the future works about several approaches to appropriate solutions to responsible parties or bodies to ensure that Malaysia’s Islamic banking system can be implemented in a more comprehensive manner in line with Shariah requirements.This paper will provide a detailed overview of how far the currently applied legal provisions are able to resolve several issues that have long been acknowledged and whether there are new issues which may emerge.

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