Publication: Comparative Analysis on Shariah Governance in Malaysia: SGF 2010, IFSA 2013 and SGPD 2019
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Date
2020
Journal Title
Journal ISSN
Volume Title
Publisher
MacroThink Institute
Abstract
The main focus of shariah governance for an organization is to ensure that it is comply with
shariah laws and regulations. Under Islamic finance industry, shariah governance is being
given attention due to rapid growth of this industry in the world. For Malaysia, the authority
through Bank Negara Malaysia (BNM) have taken a proactive role by introducing shariah
governance guidelines including the Shariah Governance Framework (SGF) 2010, the
Islamic Financial Services Act (IFSA) 2013 and the latest is the Shariah Governance Policy
Document (SGPD) 2019. These shariah governance guidelines are supposed to support the
development of shariah governance practices especially by Islamic Financial Institutions
(IFIs) in Malaysia. However, there is limited to none study conducted to compare these
guidelines. These shariah governance guidelines is necessary to be compared in order to find
out whether these guidelines are complemented each other and to identify any differences
among these guidelines. Therefore, the aim of this study is to compare between these shariah
governance guidelines. Based on the analysis, it has been found that SGPD 2019 is the most
comprehensive covers on shariah governance as compared to IFSA 2013 and SGF 2010.
However, these three guidelines still not become comprehensive enough, as there is still
limited to none discussion on the definition and objectives of shariah governance itself.
Keywords: Shariah governance, SGF 2010, IFSA 2013, SGPD 2019
Description
Journal of Public Administration and Governance
ISSN 2161-7104
2020, Vol. 10, No. 1
Keywords
Shariah governance,, SGF 2010,, IFSA 2013,, SGPD 2019