Towards an enhanced shariah governance ramework (SGF)‎ in Malaysia : how the Islamic finance industry in Algeria can benefit from it : analysis and future outlook

الملخص AR

Bank Negara Malaysia (BNM) has introduced recently a revised a version of Shariah governance framework (SGF) in 2019 to replace the current SGF that was issued in 2010, the new SGF framework will be implemented in 1st April 2020.

The new revised SGF was introduced after a decade of practice, where the old SGF has been tested and as result of that a new revised version took place with the objective to close the gaps, improve upon the old version and address the various concerns that have been in discussion in the market in the last 10 years.

Currently the Islamic finance industry is busy to address the gaps and comply with the new SGF requirements along with key responsibilities that have been highlighted in the new revised SGF, whether it is related to the board of directors, Shariah board, management, control function or others.

This paper discusses the new version of SGF along with the new additional clauses and sections that have been highlighted included in the new SGF 2019, which come into enforcement on 1st April 2020.