Compliance with Shariah requirements is a prerequisite for ensuring the legitimacy of Islamic financial products and services. Failure to observe the essential conditions of a specific Shariah contract may render the financial transactions entered between an Islamic financial institution and a customer to be invalid. This may lead to adverse impact on the institutions’ safety and soundness.
To ensure that industry players and stakeholders have a comprehensive understanding on the ruling made by the SAC, Bank Negara Malaysia issued the “Shariah Resolutions” and the ” Compilation of Shariah Resolutions ” as reference to understand the Shariah interpretations made by the SAC on any particular matter.
Shariah Resolutions are the rulings made by the SAC on a matter raised during its meeting and the ruling are issued following the SAC’s discussion during the meeting.
Compilation of Shariah Resolution is a periodical publications of Shariah resolutions.