IslamicFinance.de

Bank Negara Malaysia said it would finalise operating standards for all major Islamic finance contracts by the end of this year, creating the first comprehensive set of practical guidance for the industry.The set of 11 standards will complement existing shariah guidelines issued by Bank Negara, as the regulator aims to address inconsistencies in the use of Islamic contracts. The regulator has sought wide industry feedback and is expected to update the new standards regularly to keep up with changing market practices. Malaysia's current shariah standards are enforceable and have been in place for years, but they are technical rather than practical and still open to interpretation.