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The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 140th Meeting
The Shariah Advisory Council of Bank Negara Malaysia (SAC) held its 140th meeting on 28 October 2013. The meeting discussed issues arising from the proposed Ijarah standard, specifically on the following:-
(i) possibility of negotiation between the lessor and the lessee in bearing the cost of maintenance pertaining to theIjarah asset;
(ii) circumstances where the lessee is required to prove against his negligence in situation where the Ijarah asset is damaged;
(iii) proposal to establish a minimum and maximum limit for floating rental in Ijarah;
(iv) combination of fixed and floating rental mechanism inIjarah; and
(v) treatment of rental payment for damaged Ijarah assets during restoration period.
The Shariah rulings pertaining to the above issues will form part of the Shariah Standard on Ijarah that will be issued to the industry by the first quarter of 2014.
This article is also available in Arabic version
