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Wednesday, 12 November 2008

Syariah Parameters To Promote Consistent Application Of Islamic Financial Contracts

KUALA LUMPUR, Nov 11 (Bernama) -- Bank Negara Malaysia (BNM) has embarked on an initiate to promote a more consistent application of Islamic financial contracts and greater standardisation of Islamic financial practices known as "Syariah Parameters" project.

"It is expected to be issued in the first quarter of 2009," Governor Tan Sri Dr Zeti Akhtar Aziz she said at the launch of the International Syariah Research Academy here Tuesday.

The initiative aims to determine the essential features of Islamic financial products derived from underlying syariah contracts such as Murabahah, Istisna', Mudarabah, Musharakah, Ijarah and Wadi'ah.

These features will serve as a guide for the application of the syariah contracts for the Islamic financial products, which can be applied when designing new products or in the enhancement of existing products.

The Syariah Parameters, once promulgated, would be a standardised point of reference for the practices being adopted among Islamic financial institutions, Islamic finance professionals and practitioners in entering Islamic financial contracts.
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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Consultant/Speaker/Motivator : www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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