Open AccessThe Islamic Financial Service Act 2013: An Overview and Appraisal
Author(s) -
Hakimah Yaacob
Publication year - 2015
Publication title -
islam and civilisational renewal
Language(s) - English
Resource type - Journals
eISSN - 2041-8728
pISSN - 2041-871X
DOI - 10.52282/icr.v6i2.335
Subject(s) - islam , business , financial services , accounting , islamic banking , islamic finance , finance , financial stability , sharia , payment , foreign exchange , service (business) , financial system , economics , marketing , philosophy , theology , monetary economics
More than two decades after the enactment of the Islamic Banking Act 1983 and Takaful Act 1984, a new legal framework has been drawn up. The Islamic Financial Services Act 2013 (IFSA 2013) seeks to provide for the regulation and supervision of Islamic financial institutions, payment systems and other relevant entities. The Act came into force on 30 June 2013 and consolidated all laws related to Islamic banking and takaful into one Act. The Act contains 291 sections and is divided into 18 parts with 16 schedules. It covers inter alia the oversight of the Islamic money market and Islamic foreign exchange market to promote financial stability and compliance with Shariah.