From Arabnews.com: The Shariah Advisory Council (SAC) of Bank Negara Malaysia, the central bank, which is the apex Shariah authority for the Malaysian Islamic banking industry, has approved the application of Wa’d (a unilateral promise) in Forward Currency Transactions for hedging purposes and on the issue of Takaful (Islamic insurance) Benefits Payable From Participants’ Risk Fund.
The SAC gave the initial go-ahead for the application at its 102nd meeting held in June 2010, but they were officially introduced by Bank Negara Malaysia at the end of August 2010……………………………………….Full Article: Source