BNM, banks have adequate shariah experts

KUCHING: 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 abided 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 Choose 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. — Bernama