Ekosistem Kontrak Syariah Dalam Perbankan Islam Di Malaysia (Core Banking System in Shariah Contract Ecosystem in Malaysia)
Keywords:
Islamic Banking and Finance, IFSA 2013, Islamic banking, Islamic core banking system, Shariah contract.Abstract
Islamic core banking system is an enabler to banking activity that provides agile platform to achieve the corporate objective of Islamic banking as well as to meet Shariah compliance aspect. In Malaysia, Shariah compliance principle in Islamic finance has been stipulated in Part IV, Division 1, Islamic Financial Services Act 2013 (“IFSA 2013”). Nevertheless, the suitability of methodology on the development of Islamic core banking system in Malaysia is less discussed qualitatively in previous studies. Thus, the objective is to study on methodology of Islamic or Shariah contract based core banking system’s development that is suitable in Malaysia. This study found that the development of Islamic core banking system shall respect Shariah contract ecosystem in Malaysia. Shariah contract policy document issued by Central Bank of Malaysia (“BNM”) is resulting from Malaysia’s Shariah contract ecosystem in line with provisions of Shariah compliance under section 28 and 29, IFSA 2013. From these legal provisions, the stakeholders shall respect the power given to BNM, and Shariah contract policy document shall be the main reference in transalating Shariah contract requirements onto each process within Islamic core banking system in Malaysia.
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