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‘Islamic banking not in conflict with Syariah requirements’

Posted on November 29, 2012, Thursday

KUALA LUMPUR: The issue of the country’s Islamic banking system being in conflict with Syariah (Islamic law) requirements does not arise as any decision made has been referred to the Bank Negara Malaysia (BNM) Syariah Advisory Council.

Deputy Finance Minister Datuk Dr Awang Adek Hussin said this advisory council had high powers to ensure that the country’s Islamic banking system adhered to Syariah requirements, specifically over issues involving BNM’s financial system.

“Members of the advisory council include the Penang mufti, three members of the National Fatwa Council, a former chief justice, local ulama and one from the Indonesian Council of Ulama.

“Surely whatever decision made by the advisory council could not be in conflict with the views of the mufti and the National Fatwa Council.

“Hence, there should be no suspicion that Malaysia’s Islamic banking has contravened Syariah,” he said when winding up the debate on the Islamic Financial Services Bill 2012 in the Dewan Rakyat, here, yesterday.

Awang Adek said the explanation proved that there was no misunderstanding between the National Fatwa Council and BNM Syariah Advisory Council.

The Dewan Rakyat sitting then passed the Islamic Financial Services Bill 2012 and the amendments to the Bank Negara Malaysia Bill 2012.

It also passed the Industrial Design (Amendment) Bill 2012. — Bernama

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