Issuance Date:

15 November 2021

Summary

The Discussion Paper outlines the Bank’s thoughts on the proposed requirements for the application of hajah by Islamic financial institutions (IFIs) in the conduct of their business.

These encompass the following:

• proposed definition of hajah in the context of Islamic finance and its scope of application;
• enhanced governance expectation on roles and responsibilities of the board, senior management, Shariah committee and the control function of IFIs in ensuring the robust assessment of application of hajah; and
• proposed set of requirements and policy guidance to facilitate Shariah deliberation and decision-making on the application of hajah in the IFIs.

The Bank invites written feedback on the proposals in this Discussion Paper, including suggestions on areas requiring further clarification, elaboration or alternatives that the Bank should consider.

The feedback must be emailed to [email protected] no later than 31 January 2022. In the course of preparing your feedback, you may direct any queries or clarification to the following officers:

1. Halimaton Mohamad ( [email protected] )
2. Mohd Shahril Mat Rani ( [email protected] )

Find out more: Discussion Paper on Hajah