The Central Bank of Malaysia (Bank Negara Malaysia or BNM) introduced the Shariah Governance Framework (SGF) in 2010 and required all Islamic Financial Institutions (IFIs) to fully implement in 2011. The objective is to provide a proper regulatory framework for IFIs to function within the...

Although not a near equivalent of conventional banking in terms of size, the global Islamic banking industry has grown at a very rapid pace in the last three decades. Malaysia has been at the forefront of this development since early 1980s and has earned a reputation of a global hub for Islamic...

An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant has important implications on their reputation and their future growth. The Shariah Committee is a mandated...

This paper examines the impact of using the ‘Effective Profit Rate Method' (EPRM) in estimating revenue from the financing activities of Islamic Banks (IBs). Data for the study were sourced from audited financial statements, Islamic finance contracts (i.e. Al Ijarah Thumma Al Bai @ Islamic...

This paper aims to present comparison of conceptual frameworks issued by the Malaysian Accounting Standards Board (MASB) (fully converge to the standards issued by the International Accounting Standards Board) and the Accounting and Auditing Organization for Islamic Financial Institutions...

An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled is important to ensure their business operations are Shariah compliant, which has implications on their reputation, Shariah Governance and the future growth of the...