Snapshot of the SC members by academic background and nationality. Foreigner 21 members. Towards this end, the Shariah bodies in the Islamic financial institution need to be rationalised. It is one of the bank’s groups that follows up all bank’s transactions to ensure that they are implemented in accordance with the principles of Islamic law in accordance with the fatwas issued and decisions approved by the Shariah Committee. Dr. Ziyaad Mahomed currently works as an Associate Professor at INCEIF, Malaysia. Islamic Banking Department. The Islamic Banking Department is a subsidiary of the Wholesales Banking Group, which supports the Internal Sharia Supervisory Committee in achieving its objectives and performance, and It contains the following sections: Shariah Governance and Shariah Risk Section. Islamic banking refers to a system of banking or banking activity that is consistent with the principles of the Shari'ah (Islamic rulings) and its practical application through the development of Islamic economics. He has been with BML Islamic since January 2013 as a member of the Shari’ah Advisory Committee. She is the Shariah Committee member for a number of institutions in Malaysia including Association of Islamic Banking Institutions Malaysia (AIBIM). 01: True Islamic Banking is not in a Commercial Bank, 02: The Problem with Transplanting the ‘Sustainability’ Movement on Islamic Banking, 03: True Islamic Banking is in a Cooperative Bank, Building a Participation Banking Model : Commenting on Datuk Dr Daud’s views, Fundamental Differences of IB and Riba’-based Banks, Goods and Services Tax on Islamic Products, Late Payment Charges for Islamic Financial Institutions, Deposits : Tawarruq (Commodity Murabahah), Financing : Tawarruq (Commodity Murabaha), Deposits and Investments Contracts : Consumers, Treasury : Waad in Islamic Profit Rate Swap, Herbert Smith’s Islamic Finance Guide (2010), Islamic Banking Guide by State Bank of Pakistan, Islamic Commercial Law Report by ISRA & Thomson Reuters, Islamic Finance Development Report 2017 by ICD Thomson Reuters, Islamic Financial Services Industry Stability Report 2017 by IFSB, List of Shariah Compliant Securities by Securities Commission, Marifa’s Guide : Islamic Banking & Finance, World Islamic Banking Competitiveness Report 2016 by Ernst & Young, Islamic Banking Management And Operations (IFE730), The New Shariah Governance Policy Document (2019), Follow Islamic Bankers Resource Centre on WordPress.com, Financing : Tawarruq (Commodity Murabaha), Deposits : Tawarruq (Commodity Murabahah), Late Payment Charges for Islamic Financial Institutions, Equity-based Financing vs Debt-based Financing, Bai Al Inah and Interconditionality Issues, Concluding Post : True Islamic Banking is in a Cooperative Bank, Malaysian Accounting Standards Board (MASB), World Database for Islamic Banking and Finance, Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI), Association of Islamic Banking Institutions Malaysia (AIBIM), Global Islamic Finance Forum and Exhibition, Handbook For Islamic Banking Products and Services, International Islamic Financial Market (IIFM), International Shari'ah Research Academy for Islamic Finance (ISRA), Money Science (Concepts in Islamic Banking), State Bank of Pakistan – Sample Documents, Institute of Islamic Banking and Insurance, International Centre for Education in Islamic Finance (INCEIF), International Institute of Islamic Business and Finance, MSc Investment Banking and Islamic Finance, ICMA Centre, 5 Reasons Why PLS Financing Does Not Fit Islamic Banks – FUTURE IF, Most Commonly Used Islamic Banking Contracts. This indicates that the Shariah Committee is meant to be influential in the Islamic Banking industry. 2015). There are still a number of Shariah Committees only choosing to stay in their areas of expertise while concentrating on their day jobs. Judge, Shariah Appeal Court of Singapore. However, BNM also allows the challenge on Shariah Committee decisions if the bank deems the decisions have not taken into considerations the practical and business sense, especially for decisions stricter than the SAC. Privacy |  SHARIAH GOVERNANCE POLICY DOCUMENT (2019). To ensure that every transaction complies with Islamic Law, we have in place a ‘Shari’a Board’, comprising of scholars of the highest repute, with vast experience in the field of Islamic Jurisprudence, economics and banking. Our impressive track record is backed and lead by our esteemed Board of Directors and the Shariah Committee who ensures that Public Islamic Bank is on the right track, not only towards profitability and stability, but also in compliance with Shariah principles. At Citibank Berhad, we have the following four (4) distinguished Shariah Committee members approved by Bank Negara Malaysia and its Shariah Advisory Council for the period from 2017 to 2019 to supervise all our Islamic banking activities. A fatwa in the context of Islamic banking and finance is a religious opinion by a qualified Shariah scholar on structure of an Islamic financial product, like a mortgage, the conduct of management, like a fund manager, and operations of an Islamic financial institution, like an Islamic bank, determining their compliance or otherwise with the Islamic law. 4. Dr Aznan received his first degree in Shariah from the University of al … The above underlines the seriousness of the Shariah Committee function. One wish that I had for the Shariah Governance is the composition of Shariah Committee itself. Nothing is mentioned on the expected level of research to be done by a Shariah scholar. Public Bank Group does not The financial transactions, services Judge, Shariah Appeal Court of Singapore He was appointed as a member of the Shariah Committee of Maybank Islamic on 1 September 2015. She was a member of Shariah Advisory Council Bank Negara Malaysia, the highest legal body that ascertained the Islamic law for the purposes of Islamic financial business in the country from 2010 to 2016. Public Islamic Bank shall not be responsible or liable for any loss or damage suffered or incurred whether directly or indirectly for any content of or any transactions entered via the linked web site. Shariah Governance. Ustaz Mohd Kamal bin Mokhtar. Book Review :Islamic Finance in the Global Economy. This gap remains huge as the young scholars run to catch up in terms of the understanding that the older guards have. LEARN MORE. In the Islamic banking system, Shariᶜah committees are central to Islamic financial structure and they play a significant role in the efficient functioning of the system besides ensuring that Malaysia’s pole position in Islamic finance within the Asia countries (GIFR, 2017). are advised to read the privacy policies of the linked web site. What I see nowadays are issues being re-discussed again and again, and some have been discussed at length in different forums or decades earlier, with solid resolutions. The Shari'ah Supervisory Committee of the Bank plays a vital role in framing and exerting policy for strict adherence of Shari'ah principles in the Bank. A Shariah body in the industry which is to be known as a Shariah Committee, will play a complementary role to the SAC of Bank Negara Malaysia. List of Shariah Committees. We hardly see a scholar having a full-fledge research house coming into the market with resources that can support the business requirements of an Islamic Financial Institution (IFI). Designated Shariah Officer for Masryef is Miss Adlin Zulkefli. Qatar is planning to set up a central Shariah committee for Islamic banks to create consistency in Islamic finance, according to the country's central bank. Criteria for Setting up full-fledged Islamic banks 3-4 B. SHARIAH COMMITTEE Associate Professor Dr Aznan Hasan. The Shariah Advisory Council of Bank Negara Malaysia (SAC) was established in May 1997 as the highest Shariah authority in Islamic finance in Malaysia. Dato’ Dr. Mahmood Zuhdi is a well known Shariah scholar and is also the Chairman of the Shariah Committee for AIA PUBLIC Takaful Berhad. Copyright © 2020 Public Islamic Bank Berhad 197301001433 (14328-V). Personally, I understand there are challenges for Shariah Committees to devote a sizeable amount of time to provide banks with high quality, fully deliberated decisions that is valuable to all stakeholders. 11 V Investment Principles and investment products. Professor Emeritus Dato' Paduka Dr. Mahmood Zuhdi bin Haji Ab Majid, Member, Malaysian Institute of Integrity (2013-2016), Panel Member, Shariah Court of Appeal Kelantan, Shariah Advisor, AIA PUBLIC Takaful Berhad. At any stage of life you are in; whether to save or … He obtained his Diploma in Arabic Language from the Islamic University of Medina (Saudi Arabia). Terms and Conditions for opening Islamic banking branches by conventional commercial banks 4-7 C. Conversion of conventional commercial banks into Islamic banks. One of the most anticipated documents by the industry is the renewed Shariah Governance Framework, which was last issued in 2011. List of Shariah Committee Members in Islamic Financial Institutions * Updated on 2 January 2020. He was reappointed for a 4th term on 31st January 2020. Overview on Shariah Governance; List of Shariah Committee Members at Islamic … Shariah Committee. To hold such authority, the Shariah Committee must reflect quality, accuracy and soundness in all their decision-making. To ensure that this scenario does not happen as often, both Shariah Committee and the business must align the understanding on the business direction and mitigate the discrepancies in understanding. As an Islamic financial institution licensed under the Islamic Financial Services Act 2013 (IFSA), Public Islamic Bank (PIBB) complies with the corporate governance standards and practices set out in Bank Negara Malaysia (BNM) Policy Document on Corporate Governance (BNM Policy Document on CG) and principles of BNM Shariah … advisers in the industry. Many were waiting with bated breath on what changes were made to the document. Shari'ah prohibits the payment or acceptance of interest charges (riba) for the lending and accepting of money, as well as carrying out trade and other activities that provide goods or services … This indicates that the Shariah Committee is meant to be influential in the Islamic Banking industry. As a prerequisite, a Shariah board member should have an MA or PhD in Islamic financial law, in addition to some basic knowledge in banking and finance. Perhaps there is a concern where there could be a conflict of interest? In light of the above, Bank Negara Malaysia has prepared the Guidelines on the Governance of Shariah Committee for the Islamic Financial DIBPL strives to bring to its customers, ‘The better way to bank’. Shariah Board. 4, pp. Session 3, Day 2 Appointment of the Shariah Committee must fulfil the following: the person is a Muslim Introduction to the fundamentals of Islamic economics - a study of the Islamic economic system The role of Shariah Committee Ensuring that all activities and businesses of the bank are in compliance with the principles of Islamic law in accordance with the judgment of the Shariah Committee. Shariah boards should have only accredited Shariah scholars, so that not any holder of some Shariah or Islamic studies degree can jump in and pose as a Shariah board member. This idea is consistent with BNM’s expectation that Shariah Committee must reach a certain level of competency in advising the banks. Enter your email address to subscribe to this site and receive notifications of new posts by email. In such circumstances, the Board of Directors provide a view on the decision, and must be escalated to BNM. WILL A SHARIAH COMMITTEE FUNCTION REMAIN A PART-TIME JOB? The new scholars do not have the full understanding of history, background and context on many issues (some of which have already been discussed), and the older guard of very prominent scholars are not able to share the history, perspective, experience, background and earlier discussions on matters of Islamic Banking. Dr Nik Abdul Rahim was appointed as a member of the Shariah Committee with effect from 8 September 2020. Properties Investment Fund Supervisory Committee, Islamic Development Bank; Shaikh Muhammad Abdul Mubeen, Shariah Board/Committee Member for Standard Chartered Bank Pakistan & Malaysia and Mohd Khaidzir Shahari, Board of Governor, The Institute of Internal Auditors Malaysia. A. In my opinion, there is a real shortage of knowledge between the old guards and the new challengers in the areas of Islamic Banking. All I know is that globally, it is common to see one advisor sitting on multiple boards; and from the knowledge gathering for being in multiple boards, can be a substantial resource for the IFI. That level is still left to interpretation although with the requirement to be “conversant in Arabic” implies Shariah scholar should be referring their research and decisions more consistent with global standards, where text, references and decisions are discussed and derived in Arabic. Assistant Professor, Department of Fiqh and Usul Al-Fiqh, International Islamic University … Security | Corporate Governance Disclosures . Provide a decision or advice on matters that requires a, Provide a decision or advice on matters that may, The Shariah Committee shall be accountable for the, If Shariah decides to place additional restrictions on the business in applying SAC ruling (meaning : stricter than SAC rulings), the bank must, hold a minimum bachelor degree in Shariah which includes studies on, The Shariah Secretariat must provide the Shariah Committee. Public Islamic Bank . However, BNM also allows the challenge on Shariah Committee decisions if the bank deems the decisions have not taken into considerations the practical and business sense, especially for decisions stricter than the SAC. The NCB Shariah Board consists of four world renowned prominent Shariah Scholars with extensive knowledge and experience in the field of Shariah and applied aspects of modern Islamic Banking and Finance. He was appointed as the Chairman of Shariah Committee of PIBB on 1 November 2008. Customer Service Charter | Dr Samsuri holds an LLB in Shariah & Law from Omdurman Islamic University, Sudan; Master in Islamic Economics from Yarmouk University Jordan; and a PhD (Law) … The role of the Chairman of the Shariah Committee is important to manage the interactions between the Board of Directors and his Shariah Committee members. Khairil is also one of the Shariah Committee Members for Public Islamic Bank & AIA Public Takaful Berhad. Malaysian 134 members. indirectly for any content of or any transactions entered via the linked web site. Associate Professor Dr Aznan Hasan. How About We Stop the Wayang in Islamic Banking? Shariah Committee meetings must be conducted at least once every 2 months (at least 2 times a year for Islamic Banking Windows operations) and attendance of each member must be 75%. This information to be reported in the bank’s annual report. A quick summary of the points in the Shariah Governance Policy Document (2019) are as follows: HOW MUCH POWER DOES THE SHARIAH COMMITTEE REALLY HAVE? This resulted in many real, new and current issues being somewhat ignored as past issues are again discussed. This information to be reported in the bank’s annual report. Non Shariah 20 Members. He was appointed as the Chairman of the Shariah Committee on 1 May 2014 and a Non-Independent Non-Executive Director 25 April 2019 at Maybank Islamic. 6, No. He also serves as the Chairman of HSBC Amanah Shari’ah Committee since 2017. While the limitation of service of not more than 9 years is good for an IFI (to encourage rotation in the industry), I still feel the knowledge growth and development of Shariah Committees may not be as fast as the anticipated industry growth. Shariah Governance Section. What more, I feel that the limitation of a Shariah scholar to only serve in 1 (one) Islamic Bank, 1 (one) Takaful Company, and 1 (one) Islamic Development Bank do not allow the sharing of knowledge between entities and industries. She obtained her Bachelor Degree in Islamic Banking and Economy from Yarmouk University in 2017, followed by a Master’s degree in Fiqh and Usul al-Fiqh from International Islamic University Malaysia (IIUM) in 2019. It is a new statute that repeals the Islamic Banking Act 1983 and was enforced on 30 June 2013. Its role includes researching on Shariah matters especially … He graduated from the National University of Singapore (NUS) with a B.Sc. SO WHAT IS MY DREAM TEAM FOR A SHARIAH COMMITTEE? He is currently holding a post as Shariah Committee for Alliance Islamic Bank Berhad, Alliance Investment Bank Berhad (Stockbroking) and HSBC Amanah Takaful Berhad. With great powers comes great responsibilities. Associate Professor, IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia . Public Islamic Bank gives no warranty as to the entirety, accuracy or security of the linked web site or any of its content. LEARN MORE. endorse the linked web site or its content. He is a senior lecturer at the Research Centre for Shariah, Faculty of Islamic Studies at Universiti Kebangsaan Malaysia (UKM). All Rights Reserved. I do not know. Prior to that, he served as a Shariah Advisor for several financial institutions and organisations, which includes OSK Investment Bank (2012-2013), KAF Investment Bank Bank (2013-2015), Negeri Sembilan State Government – Inter … in Zoology and Botany. SHARIAH GROUP NCB Shariah Group is an internal center of excellence comprising of experts in the field of Shariah and Islamic banking. Dr Nik Abdul Rahim received his bachelor’s degree in Shariah from Islamic University of Medina in 2003 and master’s degree in Shariah from UKM in 2009. Public Islamic Bank offers full Shariah-compliant banking solutions that meet your needs. 7-10 III Responsibility for Shariah Compliance 10 IV Principles of deposit. Islamic Banking | Shariah Committee Members; Shariah Committee Members. This shall lead to stronger governance but I am not convinced on the development of Shariah Committees with the limitations imposed on appointments into Islamic Financial Institutions. Shariah Committee meetings must be conducted at least once every 2 months (at least 2 times a year for Islamic Banking Windows operations) and attendance of each member must be 75%. Shariah Committee of Zurich Takaful (Malaysia) Berhad, Affin Islamic Bank Berhad, Koperasi Belia Islam, Lembaga Pertubuhan Peladang, ISRA and JAKIM Editor for the Malaysian Journal of Shariah and Law, the International Journal of Business and Finance Research, Shariah Law Reports, Journal of Antitrust Enforcement and Corporate Governance: An International Review I had a quick look at it also and generally, there were a few fine-tuning done to existing regulations. Possesses appropriate professional qualifications and wide experience, knowledge and expertise in Shariah and Islamic Finance. BNM, it seems, is prepared to provide authority for Shariah Committee to decide on the business direction, in line with the overarching SAC decisions. As expected, the Shariah Committee must have full accountability in making decisions via robust deliberation of issues, including considerations of business practices. IFSA has specified the requirements for Shariah committee, such as the criteria of a Shariah committee (Miskam & Nasrul 2013) and positioning the Shariah committee as equal partners of the BOD and Senior Management (Sori et al. Associate Professor, IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia. Surely, Shariah Committee will not have jurisdiction over a non-Islamic bank offering Shariah-Neutral offerings. Public Islamic Bank gives no warranty as to the entirety, accuracy or security of the linked web site or any of its content. 271-284. https://doi.org/10.18646/2056.64.19-020 Appointment of the Shariah Committee must fulfil the following: the person is a Muslim In my perfect world, I would love to see a combination of the following: Conclusion : The Shariah Governance Policy Document remains a strong upgrade from the previous SGF and should provide a more serious undertone to the overall workings of a Shariah Committee. Bank Negara Malaysia Is There a Secret Book I Don’t Know About? Terms & Conditions |  o Integration between the Board & the Shariah Committee o Voting rights of Shariah Committee members (Shariah and non-Shariah background) Associate Professor Dr Rusni Hassan — Deputy Dean, IIUM Institute of Islamic Banking and Finance 10.30am – 11.00am Coffee 11.00am – 12.30pm Session 2: Building an Effective Shariah Compliance Culture Shariah 135 Members. Dr. Akhtarzaite Abdul Aziz. IS AVOIDING CONFLICT OF INTEREST MORE IMPORTANT THAN KNOWLEDGE SHARING? 2013 (IFSA), Public Islamic Bank conforms with the principles and requirements of corporate governance set out in Bank Negara Malaysia (BNM) Guidelines on Corporate Governance for Licensed Islamic Banks (BNM Guidelines on Corporate Governance) and BNM … SHARIAH COMMITTEE CHAIRMAN; Dr Samsuri Sharif Dr Samsuri bin Sharif is a graduate of Law and Islamic Economics who specialises in Muamalat, Principles of Islamic Jurisprudence, and Islamic Banking & Finance. By leaving www.publicislamicbank.com.my, Public Bank Group's privacy policy ceases to apply and you International Islamic University Malaysia Cite as: Ahmed, R. and Mohamad, M. S.(2019), "The Practice of Shariah Governance in Islamic Banking and Finance: A Study of Islamic Banks in Bangladesh", International Journal of Management and Applied Research, Vol. Sunday, January 17, 2021 7:27 PM Public Islamic Bank shall not be responsible or liable for any loss or damage suffered or incurred whether directly or The Shariah Committee function REMAIN a PART-TIME JOB the Chairman of Shariah Committee.. Diploma in Arabic Language from the National University of Medina ( Saudi Arabia ) the most anticipated by. 1 November 2008 the Shariah Committee with effect from 8 September 2020 such circumstances, Shariah... Guards have again discussed be reported in the Islamic Banking and Finance, Islamic. 8 September 2020 Know About last issued in 2011 to existing regulations SHARING. Designated Shariah Officer for Masryef is Miss Adlin Zulkefli it is a concern where there could be CONFLICT! 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