العملات الرقمية الالكترونية بين الحلّ والتحريم ، بين الواقع والمشهود دراسة فقهية اقتصادية مع بيان البدائل المقبولة شرعاً

November 17th, 2018 |

بقلم  أ . د . علي محيى الدين القره داغي

Interview Report: Jhordy Khashoogie Nazar

February 20th, 2014 |

IN-PERSON - Exclusive Interview with Professor Datuk Dr. Rifaat Ahmed Abdel Karim

June 26th, 2018 |

Professor Datuk Dr. Rifaat Ahmed Abdel Karim has an international reputation as a leader and authority in the Islamic financial services industry (IFSI), at both professional and academic levels. He has played a pioneering role in the development of Islamic finance globally. His leadership in the setting of accounting, auditing, governance, Shariah and regulatory standards, as well as in the development of high quality short-term financial instruments to facilitate liquidity management for Islamic financial institutions, has been highly instrumental. He is also a recipient of numerous globally accredited awards. In 2016, he was conferred the Royal Award for Islamic Finance by the King of Malaysia, His Majesty the Yang di-Pertuan Agong. The Banker has also identified him as one of the most respected figure in the Islamic financial sector, and Euromoney has named him as one of the top 20 individuals who have so far come to the forefront of the industry. With that, I-FIKR Digest is delighted to be able to publish excerpts from his interview conducted by Dr Shariq Nisar and Prof. Dr. Umar Farooq in Doha, Qatar. 

Reporting of Shariah Non-Compliance Events: The Case of Some Islamic Financial Institutions in Malaysia

January 31st, 2020 |

Shariah non-compliance (SNC) refers to the failure of Islamic financial institutions (IFIs), particularly Islamic banks and takaful operators, to comply with the Shariah resolutions issued by their respective Shariah committees and/or the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM). SNC falls under the framework of operational risk as SNC risks arise from insufficient or failed internal processes and procedures in the system or the errors of people conducting those procedures. SNC incidences may expose IFIs to unfortunate implications. If no proper remedial actions are taken, such incidents might breach the Islamic Financial Services Act (IFSA) 2013, exposing the responsible persons to fines and/or imprisonment and the institution to fines and/or revocation of its license, as outlined in Section 28 (5). This article briefly highlights some policies and guidelines for mitigating SNC risks, issued by Bank Negara Malaysia (BNM) in its capacity as the regulator. It then explains how some IFIs in Malaysia have complied with those guidelines in reporting their SNC incidents.