The soon-to-be-introduced Islamic Financial Service Act 2012 (IFSA 2012) will make Malaysia one of the few countries in the world where the Islamic regulator is given a mandate to promote syariah compliance among Islamic financial institutions, said a former senior official of Bank Negara Malaysia (BNM).
“The act will ensure there would be greater certainty and will ensure that the syariah terms can be enforced as per the terms of the syariah contract,” said former BNM assistant governor Gopal Sundaram at a forum discussing the advent of the new legislation………………………………………..Full Article: Source