TOPIC 4 (1) Local REGULATORY FRAMEWORK IFRS V AAOIFI
TOPIC 4 (1) Local REGULATORY FRAMEWORK IFRS V AAOIFI
TOPIC 4 (1) Local REGULATORY FRAMEWORK IFRS V AAOIFI
OF ISLAMIC FINANCIAL
INSTITUTIONS
TOPIC 4
ASSOC. PROF. DR. NORAIZA CHE AWANG
LEARNING OUTCOME;
TO DISCUSS THE REGULATORY AND GOVERNANCE FRAMEWORK OF ISLAMIC FINANCIAL
INSTITUTIONS
Regulatory Framework of Islamic Financial
Institutions (IFI) (Local and International)
Local
Malaysian Accounting Standards Board (MASB)
Bank Negara Malaysia (BNM)
Securities Commission (SC)
International
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)
Islamic Financial Services Board (IFSB)
International Accounting Standards Board (IASB)
INTRODUCTION
Role of BNM:
To promote monetary stability and sound financial structure.
To act as banker and financial adviser to the government.
To issue currency and keep reserves, safeguarding the value of the
currency.
To influence the credit situation to the advantage of the country
Bank Negara Malaysia (BNM)
Perform oversight
role
Shari’ah Shari’ah audit
Committee /
Shari’ah
Supervisory
Disclosure in annual report state of compliance
Board