BNM consults market on Shariah parameter for Istisna contracts

Bank Negara Malaysia (BNM) published last week the draft of its latest Shariah consultation on Islamic financial products, the "Concept Paper of Shariah Parameter Reference 5: Istisna Contract (SPR5)". SPR5 is aimed at becoming the true source of reference on the nature and features of the Istisna contract for the Islamic financial services industry and to facilitate the consistent implementation of the contract in the Malaysian financial market.

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