Punctuated Governmental Regulatory Requirements in Islamic Finance Industry

  • Nurulhuda Abd Rahman
  • Nor’Azam Mastuki
  • Nawal Kasim
Conference paper
First Online:

Abstract

This paper discusses the issues concerning Shari’ah compliance function of Islamic financial institutions in Malaysia and highlights the reaction of the institutions on the recent announcement of Shari’ah Governance Framework from the Central Bank of Malaysia. From a qualitative data analysis, it was found that the participants welcome any frameworks from the Central Bank to strengthen Shari’ah compliance function in the organization. Nevertheless, there was resistance to change where several issues occurred in the process to comply with the regulatory frameworks.

Keywords

Shari’ah governance framework Shari’ah compliance function Islamic finance Regulatory 
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Notes

Acknowledgment

The author would like to thank all participants involved in the interview sessions.

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Copyright information

© Springer Science+Business Media Singapore 2015

Authors and Affiliations

  • Nurulhuda Abd Rahman
    • 1
  • Nor’Azam Mastuki
    • 1
  • Nawal Kasim
    • 1
  1. 1.Faculty of AccountancyUniversiti Teknologi MARAShah AlamMalaysia

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