Bank Negara teams up with UK agency

Business Times:BANK Negara Malaysia is teaming up with the UK Trade and Investment to promote mutual cooperation in Islamic finance.

Under a memorandum of understanding signed in London yesterday, Malaysia and the UK will cooperate in the development of talent and expertise, business linkages and infrastructure support in Islamic finance.

This strategic initiative will facilitate exchange of resources in the development of human capital and promote mutual recognition of common standards in Islamic finance transactions...Read More

Syariah Parameters To Promote Consistent Application Of Islamic Financial Contracts

Bernama : Bank Negara Malaysia (BNM) has embarked on an initiate to promote a more consistent application of Islamic financial contracts and greater standardisation of Islamic financial practices known as "Syariah Parameters" project.

"It is expected to be issued in the first quarter of 2009," Governor Tan Sri Dr Zeti Akhtar Aziz she said at the launch of the International Syariah Research Academy here Tuesday.

The initiative aims to determine the essential features of Islamic financial products derived from underlying syariah contracts such as Murabahah, Istisna', Mudarabah, Musharakah, Ijarah and Wadi'ah.
These features will serve as a guide for the application of the syariah contracts for the Islamic financial products, which can be applied when designing new products or in the enhancement of existing products.

The Syariah Parameters, once promulgated, would be a standardised point of reference for the practices being adopted among Islamic financial institutions, Islamic finance professionals and practitioners in entering Islamic financial contracts.