Zeti: Legal framework for Islamic banking, takaful being enacted

Tan Sri Dr Zeti Akhtar Aziz - governor of Bank Negara Malaysia - recently announced that the legislative process for the new legal framework for Islamic banking and takaful to be enacted is progressing. Not only will the new framework streamline the legal requirements across sectors but it is also expected to make sure that the law was reflective of the nature and features of Shariah contracts. Moreover, this way the degree of regulation would commensurate with level of risks that Islamic financial institutions, markets and products pose to the overall financial sytem.

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