| It had been reported that The new Islamic Financial Services Act 2012 (IFSA) will statutorily enforce management of Shariah-non-compliance risk and requires Islamic financial institutions to ensure at all times that their aim, operation, business, affairs and activities are in compliance with Shariah.
"This is perhaps one of the distinctive features of the IFSA 2012," said Prof Datuk Dr Rifaat Ahmed Abdel Karim, Chief Executive Officer of International Islamic Banking Liquidity Management Corporation in a note. The Act, which is pending the Royal Assent, requires that any failure to abide by this statutory requirement has to be immediately notified to the regulator and the Shariah committee of the financial institution...............................................Full Article: Source
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