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The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 148th Meeting
The Shariah Advisory Council of Bank Negara Malaysia (SAC) held its 148thmeeting on 24 June 2014. The meeting among others, discussed issues arising from Shariah Standard on Hibah and Shariah Standard on Bai` `Inah.
In deliberating the Shariah Standard on Hibah particularly on the condition of limiting hibah to a specified time period, the SAC viewed that while the hibah is valid, the condition is void and not enforceable.
With regard to the Shariah Standard on Bai` `Inah, the SAC is of the view that the contracting parties may appoint any other party as agent to execute the sale and purchase contract provided that there is no element of inter-conditionality between the first and the second transaction.
In the event that the sale and purchase are executed on a portion of an undivided asset (musha' asset), the SAC is of the view that the asset shall be apportioned in accordance with the respective portion of the asset.
This article is also available in Arabic version
