Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia

In Malaysia, Islamic cooperatives are recognized as providers of some form of Islamic financial service similar to Islamic Banks and Takaful Operators. An Islamic Co-operative refers to a co-operative conducting activities and businesses based on Shariah principles. Being a non-banking financial ins...

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Main Authors:	Ismail, Muhammad Issyam, Hassan, Rusni, Syed Jaafar Alhabshi, Syed Musa
Format:	Article
Language:	English English
Published:	International Islamic University Malaysia 2016
Subjects:	HG Finance KBP Islamic Law
Online Access:	http://irep.iium.edu.my/56543/ http://irep.iium.edu.my/56543/ http://irep.iium.edu.my/56543/1/56543_Shariah%20governance%20framework%20for%20islamic.pdf http://irep.iium.edu.my/56543/2/56543_Shariah%20governance%20framework%20for%20islamic_Scopus.pdf

id	iium-56543
recordtype	eprints
spelling	iium-565432019-07-12T01:34:22Z http://irep.iium.edu.my/56543/ Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia Ismail, Muhammad Issyam Hassan, Rusni Syed Jaafar Alhabshi, Syed Musa HG Finance KBP Islamic Law In Malaysia, Islamic cooperatives are recognized as providers of some form of Islamic financial service similar to Islamic Banks and Takaful Operators. An Islamic Co-operative refers to a co-operative conducting activities and businesses based on Shariah principles. Being a non-banking financial institution, its main objective is to enhance social economic welfare of its members. As a form of captive social institution, it enables the less economically privileged members of society to pool resources as a cooperative. Malaysia is spearheading the Islamic banking and finance industry globally by having in place a proper and well-designed legal and regulatory framework for Islamic Financial Institutions, which includes the area of Shariah governance. However, the Shariah governance framework for the Islamic Co-operative in Malaysia is still in its infancy stage. In this paper, this area will be given focus and properly highlighted. Later, comparison will be made with the Shariah governance framework for the Islamic financial institutions. This paper will conclude that the requirements with regard to Shariah governance for the Islamic Co-operative are flexible and not as strict as required for the Islamic financial institutions. International Islamic University Malaysia 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56543/1/56543_Shariah%20governance%20framework%20for%20islamic.pdf application/pdf en http://irep.iium.edu.my/56543/2/56543_Shariah%20governance%20framework%20for%20islamic_Scopus.pdf Ismail, Muhammad Issyam and Hassan, Rusni and Syed Jaafar Alhabshi, Syed Musa (2016) Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia. Intellectual Discourse, 24. pp. 447-500. ISSN 0128-4878 E-ISSN 2289-5639 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/930/676
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG Finance KBP Islamic Law
spellingShingle	HG Finance KBP Islamic Law Ismail, Muhammad Issyam Hassan, Rusni Syed Jaafar Alhabshi, Syed Musa Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia
description	In Malaysia, Islamic cooperatives are recognized as providers of some form of Islamic financial service similar to Islamic Banks and Takaful Operators. An Islamic Co-operative refers to a co-operative conducting activities and businesses based on Shariah principles. Being a non-banking financial institution, its main objective is to enhance social economic welfare of its members. As a form of captive social institution, it enables the less economically privileged members of society to pool resources as a cooperative. Malaysia is spearheading the Islamic banking and finance industry globally by having in place a proper and well-designed legal and regulatory framework for Islamic Financial Institutions, which includes the area of Shariah governance. However, the Shariah governance framework for the Islamic Co-operative in Malaysia is still in its infancy stage. In this paper, this area will be given focus and properly highlighted. Later, comparison will be made with the Shariah governance framework for the Islamic financial institutions. This paper will conclude that the requirements with regard to Shariah governance for the Islamic Co-operative are flexible and not as strict as required for the Islamic financial institutions.
format	Article
author	Ismail, Muhammad Issyam Hassan, Rusni Syed Jaafar Alhabshi, Syed Musa
author_facet	Ismail, Muhammad Issyam Hassan, Rusni Syed Jaafar Alhabshi, Syed Musa
author_sort	Ismail, Muhammad Issyam
title	Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia
title_short	Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia
title_full	Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia
title_fullStr	Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia
title_full_unstemmed	Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia
title_sort	shariah governance framework for islamic co-operatives as an integral social insitution in malaysia
publisher	International Islamic University Malaysia
publishDate	2016
url	http://irep.iium.edu.my/56543/ http://irep.iium.edu.my/56543/ http://irep.iium.edu.my/56543/1/56543_Shariah%20governance%20framework%20for%20islamic.pdf http://irep.iium.edu.my/56543/2/56543_Shariah%20governance%20framework%20for%20islamic_Scopus.pdf
first_indexed	2023-09-18T21:19:47Z
last_indexed	2023-09-18T21:19:47Z
_version_	1777411804346974208

Shariah governance framework for Islamic co-operatives as an integral social insitution in Malaysia

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