Datuk Dr. Mohd Daud Bakar (Chairman of the Shariah Advisory Committee of BNM) said "Shariah Standards are no longer optional for contemporary Islamic finance. For all intents and purposes, they should act like UCP500 for international trade financing. The Shariah Standards should be able to provide good Shariah governance, as well as solid basis for unlimited innovation leveraging on the broad selected principles".
Mr. Mohamed Rafe (CEO of CIMB Islamic Bank Bhd) stated that “The Shariah Standards and Operational Requirements will facilitate sound understanding and cohesive adoption of similar practices among Islamic Financial Institutions (IFIs). Shariah standards and policies would inevitably bring about economic and societal benefits to the Islamic financial industry as a whole. They are there to harmonise procedures, guidelines and specifications of products and services.
The features identified in the standards shall serve to assist the Islamic Financial Services Industry to identify, understand, apply and distinguish one Shariah contract from the other contracts prevalent in the industry. It shall also assist IFIs in the implementation of sound banking practices, good governance, and fair market practices.”
Datuk Muzaffar Hisham (Group Chief Executive Officer of Global Banking at Malayan Banking Bhd) stated that “The standards create more clarity in terms of Shariah interpretation to achieve a solid Shariah governance. This great initiative would be fundamental in complementing the growth of Islamic finance industry globally.”
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