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BNM, Banks Have Adequate Shariah Experts
Last update: 26/11/2017

By Niam Seet Wei

KUCHING, Nov 26 (Bernama) --†Bank Negara Malaysia (BNM) and commercial banks in the country have adequate shariah experts to ensure that the implementation of the Islamic banking system is in accordance with Shariah principles, says Federal Territories†Mufti Sahibus Samahah Datuk Dr Zulkifli Mohamad Al Bakri.

He said the advisors and experts in the industry†would set the indicators to ensure that the Islamic banking system abide†by Shariah rules and regulation.

"The advisors and experts will also constantly update†latest developments in the industry and†exchange information to ensure the implementation of the Islamic†Banking System in Malaysia was heading in†the right and matured direction," he said during a talk here today on 'Why We Must Chose Islamic Banking' on the last day of Financial Carnival organised by Bank Negara†Malaysia.

Themed,†'Prioritise Your Financial Needs', the three-day carnival began on Nov 24 at the†CityONE†Exhibition Centre here.

Zulkifli Mohamad, who is also a member of BNM's Shariah Advisory Council, stressed that Islamic financing must meet three conditions namely conform to Shariah principles, linked to values that can assist and benefit the masses and promote fairness.

"As an example, the†Wakaf†in health and education, introduced among banks in Malaysia, has had great impact on the people," he added.



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US 3.9070/9100
S'pore 2.9500/9529
100 Yen 3.5824/5868
Sterling 5.4612/4674
Euro 4.7751/7792
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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