Bank Negara Malaysia (BNM) published the Discussion Paper on Shariah Contract Framework (Discussion Paper) which outlines the proposed review approach of the current Shariah contract-based policy documents including the proposed framework design, alignment of Shariah contract applications with their intended objectives, recalibration of Shariah and operational requirements as well as review strategy and timeline. This initiative aims to support the diverse application of Shariah contracts by Islamic financial institutions, in line with the Financial Sector Blueprint 2022-2026 strategy.

BNM invites written feedback on the proposals in this Discussion Paper, including suggestions for specific issues, areas to be clarified or elaborated further, and alternative proposals BNM should consider. The written feedback should be supported with clear rationale, accompanying evidence or appropriate illustrations to facilitate an effective review of this Discussion Paper.

Written feedback must be submitted to BNM via email to [email protected] by 10 February 2025. In the course of preparing the feedback, specific queries can be directed to the same email address. .

Issuance Date
11 November 2024

Issuing Department
Islamic Finance Department

Documents

• Shariah Contract Framework Discussion Paper
• Feedback Template 

Relevant Acts

• Financial Services Act (FSA) 2013
• Islamic Financial Services Act (IFSA) 2013
• Development Financial Institutions Act (DFIA) 2002

Applicability

• IFSA Licensees
• FSA Licensees
• Prescribed development financial institutions carrying on Islamic financial business