Shariah Resolutions in Islamic Finance

Bank Negara Malaysia has published the second edition of the Shariah Resolutions in Islamic Finance Book in October 2010

This second edition of the SAC resolutions, which is a compilation of all Shariah resolutions made between 1997 and 2009, is a continuation of the earlier efforts of Bank Negara Malaysia to deepen the understanding on the Shariah interpretations and the juristic reasoning for the rulings. It aims to increase the level of transparency on juristic reasoning in Islamic finance and thus, an increased appreciation and acceptance of Shariah decisions. It would also allow for more efficient Shariah governance at institutional level, whilst catalysing greater cross-border harmonisation in the interpretation and application of Shariah.

This edition supersedes the Shariah Resolutions in Islamic Finance (First Edition) published in 2007 and the Summary of National Shariah Advisory Council Decisions for Islamic Banking and Takaful (Summary of NSAC Decisions) issued in 2002. Accordingly, all new Islamic financial products that are going to be offered by Islamic financial institutions or any existing products to be offered to new customers must comply with the rulings of this Shariah Resolutions in Islamic Finance (Second Edition). However, for Islamic financial products which have been contracted between the customers and Islamic financial institutions based on the Shariah rulings published in the First Edition and the Summary of NSAC Decisions, the contracts remain in force until maturity.

Currently the book is published in Bahasa Malaysia. The English version is expected to be released in 2011.

The Bahasa Malaysia version (in PDF format) is available for download below: