1.0 INTRODUCTION OF SHARIAH GOVERNANCE FRAMEWORK
According to IFSB (2009), Shariah governance can be defined as a set of institutional and organizational arrangements through which Islamic Financial Institutional (IFIs) to ensure that there is an effective independent oversight of Shariah compliance over the issuance of relevant Shariah pronouncements, dissemination of information and an internal Shariah compliance review.
Based on this definition Shariah governance, Bank Negara Malaysia (BNM) has introduced new Shariah Governance Framework that also known as SGF 2011 on October 2010. Therefore, after the issuance of SGF 2011, all the IFIs in Malaysia are required to meet all the requirements to ensure all its operations and business activities are in accordance with Shariah principles.
2.0 BNM SHARIAH GOVERNANCE FRAMEWORK 2011 (SGF 2011)
2.1 Introduction
First and foremost, Shariah principles are the basis for the practice of Islamic finance through the observance of the tenets, conditions and principles espoused by Shariah. Therefore, Bank Negara Malaysia (BNM) has make a great decision by ensuring that overall Islamic financial system must be operates in accordance with Shariah principles. Thus, this would bring up confidence of the general public and the financial markets on the credibility of Islamic finance operations.
In October 2010, BNM has introduced a new Shariah Governance Framework for Islamic Financial Institutions (the Framework) to replace the previous Guidelines on the Governance of Shariah Committee for the Islamic Financial Institutions that was issued in 2004. This is because BNM want to meet demands that required by new developments in Islamic Finance and also to meet higher expectations of key stakeho...
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...bjective and informed judgement. . That means, the Framework is aims to safeguard the independence of the Shariah Committee by ensuring sound Shariah decision-making (BNM, 2011).
In Section IV, this section highlights the requirements and expected competencies to ensure the key functions at the IFIs are capable of implementing Shariah governance (BNM, 2011).
In Section V, the Framework is outlines the minimum set of rules that emphasize the importance of observing and protect confidentiality. Besides that, this section also outlines the improving the level of consistency in decision making by the Shariah Committee (BNM, 2011).
Last but not least is Section VI. This section is prescribes the robust functions of the internal Shariah review and Shariah audit that supported by Shariah risk management control management and internal Shariah research capacity (BNM, 2011).
The Islamic Revolution of 1979 placed an ideological wedge that created an increasingly pervasive rift in gender equality that is now only gradually being successfully challenged and correct upon.
EMON Anver M., “The Limits of Constitutionalism in the Muslim world: History and Identity in Islamic Law”, New-York Law School, Islamic Law and Law of the Muslim World Research Paper Series 08-09, 37 pages. Accessible at: http://ssrn.com/abstract=[1086767]
On September 27th, 1996, the extremist militia, the Taliban, seized control of the capital city of Afghanistan, Kabul. Up until that day, women and girls in Afghanistan could go to school, work, and walk freely. Then the Taliban issued decrees banning woman and girls from receiving education, entering the workforce or leaving their homes without a close male relative as an escort, wearing a burqa. The Taliban violently plunged the occupied territories of Afghanistan into a brutal state of gender apartheid in which women and girls have been stripped of their basic human rights. The Taliban claims religious reasoning behind this gender apartheid, using the Muslim faith as their backing, though many critics denounce this logic, saying that The Qur'an condones no such thing. Woman in Afghanistan have become but a shadow of real people. Not only can they no longer enter the workforce or attend school, they cannot choose what they wish to wear, or call to friends in public for fear of being beaten, stoned or killed. The female sex has truly been enslaved by the Taliban, however what rarely comes to light, is that males in Afghanistan have also had strictures of dress and conduct imposed on them. These conditions have roused quite a varied response from the Western World. Western-born Muslims who practice Islam identify with some of the Taliban's strictures, even wearing the burqa or hajib in Canada. Others who do not know the Muslim faith, are outraged that woman can be subjugated so completely and that the rest of the world can sit back and watch it happen complacently. Human rights atrocities are committed towards women everyday by the Taliban in the name of their religio...
The rise and expansion of Islam has restricted Islamic women’s rights since the 18th century. Islamic women are expected to be obedient to men (Documents 3 and 10), are covered up at the expense of men (Documents 7) and are met with backlash when trying to gain rights (Documents 6, 8, and 9).
Very frequently Islam is portrayed as a male centered, patriarchal faith. This has led to many outside of Sufism, even within the Islamic community, to be completely unaware of the importance of the feminine in Islam. Perhaps it is due in part to the interiority of the Feminine presence in Islam, this aspect of the culture and religion is widely unknown, though extremely important (Schimmel, “My Soul Is a Woman”). In recent years there has been much discussion and controversy over the role of women in Islam, however when looking at the most viewed and valued poetry of Majnun and Layla the role of the Feminine becomes fairly clear. As seen with how Layla responds to Majnun, the role of the Feminine in Islam is to be the counter balance to the Masculine. In short, just as Layla acts as both the spiritual reminder and voice of reason to Majnun, so too is the role of the Feminine in general (Galian, “The Centrality of the Devine Feminine in Sufism”).
The hijab, while not always popular, has seem to be customary for most women to wear in the Islam world for good or for bad. Prior to the 21st century the hijab was not very popular and was looked as a rarity, but now most women adopted this clothing choice for a multitude of reasons. Many women choose to wear it because they feel god instructed women to wear it, to highlight modesty, to show faith in god, or to show Muslim identity. There are many reasons women wear the hijab, even if the veil is forced upon them because of family members; However, the sight of the veil concerns many women activists whose main priority is to insure equality for all women. Many women activists don’t like the veil to be forced upon women and the idea
Not to state the obvious, but there is a lot that goes into creating a government. The central focus of this paper are the differences and similarities between two very different nations’ constitutions: The United States of America and The Islamic Republic of Iran. A constitution is a document that entails the fundamental rules that govern a land and establish its structure, values, and limitations. On the surface, the American constitution (1787) and the Iranian constitution (1979) are similar in that they both ensure a president who is elected from majority rule, a legislature, and a powerful judiciary. However, there are far more differences in the organization of their governments than similarities, and this can be accredited to their different
With the similar belief, the principles of Shariah are also symbolized by mercy and compassion. The exact aim of Shariah is to ease a person and the society to...
Islamic finance is a financial system that operates according to Islamic law (which is called sharia) and is, therefore, sharia-compliant. Just like conventional financial systems, Islamic finance features banks, capital markets, fund managers, investment firms, and insurance companies. However, these entities are governed both by Islamic law and the finance industry rules and regulations that apply to their conventional counterparts. Therefore, islamic finance is to be assets based as oppose to the currency based whereby investment structured on exchange or ownership of assets, and money is simply mechanism for transaction process. It would based on two sources which are Al-Quran and As-Sunnah.
The primary source of Islamic law which is the foundation of every Muslim’s faith and practice is the Quran. The Quran deals with all subjects that concern humankind, mainly the relationship between God and humankind and how this relationship relates to the guidelines that are required to be followed by all Muslims. Within the Quran are not only instructions of how an individual must conduct his or herself but there are also principles relating to all aspects of...
...the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data. The High Representative shall decide on the implementing rules for the EEAS.”
The role and place of Women in Islam has changed drastically, in a positive way, over the past millennium: the changes can be greatly attributed to the Prophet Muhammad, and the Qur’an. To understand the changes in women’s rights and freedoms, one must understand their role and place before Islam was created, which happened in the Arabia Peninsula, now Saudi Arabia (Angha). Before Islam was formed women lacked many of the basic human rights, and they were treated as more of a burden in their culture then someone who should be respected, but that is not the case today. Though women in Islam have gained many rights, there is still some controversy over whether or not women are still being oppressed and treated like second class citizens compared
Today in the present world, most countries have the core object of governance in the “public good provisioning ” leitmotif. According to the main principles ; accountability, participation and transparency, from the governance ecology interaction between the State, Civil Society and Market –place, within the global-village environment, (Higgot and Ougaard 2002; Stiglitz 2003; Woods 2006) “Governance Deteriorate the Economical Progress of the Developing Countries”(Box 15.4 Kaufmann, Kray, and Mastruzzi, 2008 p 291 Governance Matter Vll: some leading findings). In my opinion governance on itself without parametric recognition is doomed to fail, instead of reflecting to new mechanisms of responsibility to steer and guide the social and economical issues, which I will try to clarify in the upcoming body breakdown. Governance is supported as structure through institutions, as process through instruments and as agenda through elements of good governance, generating the capacity to improve significant development and positive impact of economic growth and to cut back destitution. Despite of the fact that developing countries can come in line with the quality of governance by accepting it as a crucial determinant of developmental performance, it didn’t came into effect. The underlying fact of weak and poor governance was identified as a result, for not effectuating the measureme...
...). "The conflict between shari'a law, planning and land development in Saudi Arabia." Journal of Property Research 5(3): 231-238.
Islamic law is the most widely practiced religious legal system in today’s world. It is based on morality rather than commercial requirement of human behaviour in all aspects of a person’s self and social life. Islamic law is based on the Holy book of Islam, the Quran and on interpretation of the practices and sayings of Prophet Mohammad. It also follows the writings of scholars and teachers of Islamic scholarship, who derived rules by analogy from the principles established in the holy Quran. The basic foundations of Islamic law remain unaltered even after many centuries