Publication: Comparative analysis of shariah review practices between Bank Rakyat and RHB Islamic Bank Berhad
Date
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Subject LCSH
Bank Kerjasama Rakyat Malaysia Berhad
Shari`ah compliance
Banks and banking, Islamic
Subject ICSI
Call Number
Abstract
Shariah review is an essential element of an Islamic Financial institution. It plays the role of ensuring the compliance of banks’ business activities and transactions to the Shariah principles. This research seeks to identify the practice of Shariah review in Bank Kerjasama Rakyat Malaysia and RHB Islamic Bank Berhad in reference to Shariah Governance Framework of Bank Negara Malaysia. The ambiguous nature of Shariah Review function explained in the Shariah Governance Framework of Bank Negara Malaysia has caused a number of differences in Shariah review practice between Islamic Financial Institutions in Malaysia. This research will be highlighting the differences which followed by the recommendations on how to close the gaps between these different practices. It is without a doubt that the framework of Bank Negara Malaysia is instrumental to the formation of Shariah Review structures and governance in general. However, the framework is lacking in terms of its comprehensive explanation.