IslamicFinance.de

An UMNO-linked Muslim scholar and economist has characterized the study loans supplied by the National Higher Education Fund Corporation as un-Islamic.
Dr Asyraf Wajdi Dusuki, head of research at the International Shariah Research Academy for Islamic Finance (ISRA), states that the current practice of dictatting a 'service charge' on borrowers was not excused by Islam and was contrary to Islamic financial laws as agreed by Islamic scholars.
According to him, the service charge must show the actual cost and cannot be based on a percentage of the loan.

An Islamic finance research body backed by Bank Negara is drafting rules to regulate the use of derivatives to strengthen the industry's risk management framework and repair the perception of poor syariah compliance among banks.
The International Shariah Research Academy for Islamic Finance's (ISRA) rules would prescribe the boundaries that syariah banks have to observe to ensure that the usage of derivatives complies with Islam's ban on gambling.