Law Harmonisation Committee

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As part of Malaysia's continuous efforts to further strengthen the legal system and infrastructure to cater for the growing development of the Islamic finance, the Law Harmonisation Committee ("the Committee") has been established.

Objectives of the establishment

The Committee is established with the following objectives:-

  1. To create a conducive legal system that facilitates and supports the development of Islamic finance industry;
  2. To achieve certainty and enforceability in the Malaysian laws in regard to Islamic finance contracts;
  3. To position Malaysia as the reference law for international Islamic finance transactions; and
  4. For Malaysian laws to be the law of choice and the forum for settlement of disputes for cross border Islamic financial transactions.

Members

The Committee comprises of the following members:

  • Tun Abdul Hamid Mohamad
    (former Chief Justice of Malaysia)
  • Chairman
  • En. Bakarudin Ishak
    (Assistant Governor)
  • Representing Bank Negara Malaysia
  • En .Kamarolzaman bin Abideen
    (Deputy Commissioner of Law Revision
    & Reform (Revision)
  • Representing Attorney-General's Chambers
  • En. Mohd Radzuan Ahmad Tajuddin
    (Deputy General Manager and Head of Islamic Capital Market Department)
  • Representing Securities Commission
  • Dato' Dr Nik Norzrul Thani
    (Chairman of Zaid Ibrahim & Co)
  • Representing legal fraternity
  • Dr Akram Laldin
    (Executive Director of International
    Shariah Research Academy)
  • Representing Shariah fraternity
  • Representative(s) from the industry, whom will be invited on rotation basis.

The Committee will be supported by a full-time secretariat at Bank Negara Malaysia.

In formulating the relevant recommendations, the Committee will consult the Shariah Advisory Councils of Bank Negara Malaysia and Securities Commission Malaysia to seek their views on the Shariah aspect of the recommendations.

Guiding policy

The Committee aims to ensure due recognition on the Shariah requirements in Islamic finance transactions is accorded in relevant laws affecting the same. It is envisaged that the relevant laws are accommodative and compatible with Shariah requirements.

Committee's functions

  1. To review existing laws with the objective of harmonising the laws to be Shariah compatible, insofar as it is applicable to Islamic finance; and
  2. To review new laws that are being made in so far as they affect Islamic finance, to be Shariah compatible.

Escalation process

In the course of its review, the Committee welcomes contributions of issues from industry players, legal fraternity, academics and members of the public.

(For more information on how to forward issues, please see tab Contribution of Issues)

To ensure holistic and comprehensive coverage of issues, further consultations are also expected to be undertaken with identified groups representing Islamic finance industry, legal practitioners and academicians as well as relevant Ministries and regulatory agencies.

Recommendations from Committee's deliberations will then be escalated to the relevant Ministries or regulatory agencies for due consideration.

 
 
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Last Updated Date : 24 April 2012
 

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