Legitimacy of Adapting Common Law in Islamic Financial Services Act 2013
Takaful business in Malaysia is governed by Islamic Financial Services Act 2013 which provides for the regulations of Takaful and other Islamic finance related business in Malaysia. However, the Act itself is not comprehensive and are relying on many other established Acts that mostly based on th...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
2014
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| Subjects: | |
| Online Access: | http://eprints.unisza.edu.my/4563/1/FH02-FESP-14-02049.pdf http://eprints.unisza.edu.my/4563/ |
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| Institution: | Universiti Sultan Zainal Abidin |
| Language: | English |
| Summary: | Takaful business in Malaysia is governed by Islamic Financial Services Act 2013 which provides
for the regulations of Takaful and other Islamic finance related business in Malaysia. However, the
Act itself is not comprehensive and are relying on many other established Acts that mostly based on
the principles of English Common Law. Hence, this paper will evaluate the Islamic ruling of
applying the Common Law in the Act based on the Islamic doctrine al-’Urf. The analysis finds that
the application of the Common Law in Islamic Financial Services Act is generally permissible
provided that the rules do not contradict with any existing Islamic texts. |
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