Preview

Microenvironment of Proton Malaysia Essays

Powerful Essays
Open Document
Open Document
3308 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Microenvironment of Proton Malaysia Essays
important topic in structuring financial requirement

do we have q on pricing ?

SQ 8 all
LQ 3 out of 5

1. The important to observe shariah principls and legal framework in the IBF operations. Discus (SHORT QUESTION)

Why Shariah Principle? • Islamic Banking and Finance operate under principles of Shariah Frame Work • What is the principle? Islam is a complete religion embracing all facets of his mundane activities in this world and his state of affairs in the world after. • Therefore the implementation of IB is necessary to all Muslims as part of their belief. • It is very important to really understand the philosophy and the knowledge on Shariah Principles, and requirement in order to transform its into financial products and the operations of banking business

Why legal framework? • Islamic Banking also governed under the existing legal framework in order to protect stakeholders and to establish credibility and confident on the system especially among player, investors and all parties involved

• The above regulatory frame work has facilitate the business operations of Islamic Finance

• Therefore Islamic Banking must be able to address fulfill the customer’s requirement and their needs with efficiency, effective and competitive within the above framework without neglecting risk management aspect in achieving success.

Tips: No need to list down all the law, just mentioned one or two important

1. Companies Act 1965 – setting up and governing of companies including financial institutions 2. Bank and Financial Institutions Act 1989 (BAFIA) – governing conventional banking and financial institutions 3. Islamic Banking Act 1983(IBA) – setting up and governing of Islamic banking institutions and Islamic Banking subsidiaries.

Hire purchase act (HP) with AITAB

HP : 1)rules 78 (not contravene wt shariah) 2)repossesed of the car,2 payment default bank can re-possesed the

You May Also Find These Documents Helpful

  • Powerful Essays

    Muamalat Islam

    • 1612 Words
    • 7 Pages

    Islamic Financial Institutions play great roles to maintain economic stability, providing syariah compliance services and to create socio economic balance through wealth distribution. In current days, these cannot be achieved by a single financial institution, however it needs cooperation and support from all Islamic institutions which play different functions such as the banks, the baitulmal, the hisbah or in kind organizations, takaful operators and many others. In general the roles of Islamic financial institutions from the Islamic perspectives are:…

    • 1612 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    Now days the Islamic banking has become major point of discussion in India. Even RBI had appointed a committee to check the feasibility of Islamic banking in India. The India wants to achieve two objectives by offering Sharia compliant banking:…

    • 1853 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Multiculturalism Theory

    • 753 Words
    • 4 Pages

    Islam does not distinguish between sacred and secular; all aspects of life must comply with the divine law of Islam - the Shari'ah law. Unified jurisdiction is affecting all aspects of life, including social, religious, economic or political affairs, therefore, values of solidarity and fairness should be inscribed in financial and entrepreneurial activities, applicable in both private and public realms (Lewis & Iqbal, 2009, pp. 20-21; Khan & Porzio, 2010, p. 6; Hanif, 2014, p.4-6). Islamic banking was primarily designed to meet demands of Muslim population and to provide Shari’ah compliant solutions to replace questionable practices of conventional banks. However, Islamic financial services are not solely focusing only on this target group (Hanif, 2014, pp. 3-4; Ibrahim, 2015, para. 2). In fact, scholars suggest that regarding transaction outcomes, there are no significant differences between conventional and Islamic banks; the systems vary in their philosophy and the process of transactions due to imposed restrictions by Islamic law (Hanif, 2014, pp. 3-18, Ibrahim, 2015, para. 6; Abedifar, Ebrahim, Molyneux & Tarazi, 2015,…

    • 753 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    One must refrain from making a direct comparison between Islamic banking and conventional banking (apple to apple comparison). This is because they are extremely different in many ways. The key difference is that Islamic Banking is based on Sharia’h foundation. Thus, all dealing, transaction, business approach, product feature, investment focus, responsibility are derived from the Sharia’h law, which lead to the significant difference in many part of the operations with as of the conventional…

    • 2720 Words
    • 11 Pages
    Powerful Essays
  • Good Essays

    The usefulness of the concept of Maqasid al Shariah in Islamic Banking Sector in meeting the worldview can be measured based on the extent to which the goals in promoting justice and fairness to all creatures that can be seen by examining the fulfilment of the five essential elements: avoiding riba, ghahrar and maysir in product development and transactions, pricing the product fairly, has the knowledge (intellect) which benefit to economics, the developing of the product has the long term effect that not burden to all humans, and the sharing of…

    • 362 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Takaful

    • 5886 Words
    • 24 Pages

    people. In fact, it was practiced by Arabs of Arabia before and after the arrival of Islam.…

    • 5886 Words
    • 24 Pages
    Powerful Essays
  • Powerful Essays

    Islamic Finance Term Paper

    • 8881 Words
    • 30 Pages

    CII (Council of Islamic Ideology of Pakistan)(1991), Elimination of Riba from the Economy & Islamic Modes of Financing, 2nd Revised & Enlarged Edition, Islamabad: CII.…

    • 8881 Words
    • 30 Pages
    Powerful Essays
  • Satisfactory Essays

    Law in Malaysia

    • 254 Words
    • 2 Pages

    Business Law - Lee Mei Pheng & Ivan Jeron Detta, 2009 Edition, Oxford University Press…

    • 254 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Murabahah

    • 1393 Words
    • 6 Pages

    1.3 In implementing Shariah rulings, it is observed that the Islamic financial industry is faced with a number of challenges as follows:-…

    • 1393 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    Islamic Banking

    • 5123 Words
    • 21 Pages

    Before discussing various objections raised on the present day Islamic banking, we should first try to understand the objectives of Islamic banking, which are as follows:…

    • 5123 Words
    • 21 Pages
    Powerful Essays
  • Satisfactory Essays

    shariah governce

    • 461 Words
    • 2 Pages

    The definition of “shariah governance system” is referred to the processes and structures composed by the stakeholders in the Islamic Financial Standard Board in order to ensure that shariah rules and principles are compiled within the industry. Islamic Financial Standard Board began their operations on March 2003. They are considered to be an international standard setting organization for the purpose of promoting and enhancing the stability of the Islamic financial services industry through issuance of worldwide and practical standards and principles that would guide the banking, insurance sectors as well as capital markets on their operations. Thus, IFSB-10 has defined shariah governance systems as ““A set of institutional and organisational arrangements through which IFIs ensure that there is an effective independent oversight of Shariah compliance over the issuance of relevant Shariah pronouncements, dissemination of information and an internal Shariah compliance review” ref. Thus, the main objectives for shariah governance framework and the reason for its existence is to ensure that all the activities, transactions and operation done by Islamic financial institutions are in compliance with the shariah rules and principles. In addition, it is to provide a detailed and comprehensive guideline to the shariah committee, board and management of the Islamic financial institution when performing their duties related to matters in shariah. Moreover, it provides a framework that outlines functions related to shariah audit, shariah review shariah research and shariah risk management. Therefore,” Section 28 of the Islamic Financial Services Act 2013, on Shariah compliance provides: 1- An institution shall at all times ensure that its aims and operations, business, affairs and activities are in compliance with shariah. 2- For the purposes of this Act, a compliance with any ruling of the Shariah Advisory Council in respect with…

    • 461 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Reseach Paper

    • 20317 Words
    • 82 Pages

    Providing innovative & high standard financial products & services governed by Islamic Sharia provisions to enrich the society.…

    • 20317 Words
    • 82 Pages
    Good Essays
  • Powerful Essays

    Islamic Jbanking

    • 4947 Words
    • 20 Pages

    Prelude The rise of Islamic Banking is a welcome sign. However, at present, conventional banking and Islamic Banking (IBIs) are operating on a parallel basis in Pakistan. This piece examines some interesting aspects for analysis of Conventional Banks and IBIs.…

    • 4947 Words
    • 20 Pages
    Powerful Essays
  • Powerful Essays

    Furthermore, it is an inclusive paradigm: non-Muslim individuals and communities that seek ethical financial solutions have also been attracted to Islamic banking.[2]…

    • 28289 Words
    • 114 Pages
    Powerful Essays
  • Powerful Essays

    Islamic Banking

    • 28652 Words
    • 115 Pages

    Islamic banking system and how Islamic bank spared from the current global financial crisis. To…

    • 28652 Words
    • 115 Pages
    Powerful Essays