ECONOMICS
FINANCIAL MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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New Economic Policy
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Islamic Financial Services Act (IFSA) 2013
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Islamic Banking Act (IBA) 1983
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interest-free banking scheme’
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Detailed explanation-1: -The Islamic Financial Services Act 2013 (IFSA) is the FSA’s counterpart for the Islamic finance sector, and replaced statutes such as the Islamic Banking Act 1983 and the Takaful Act 1984.
Detailed explanation-2: -The Islamic Banking Act (IBA) (1983) was the first regulatory act that required the licensing and regulation of full-fledged Islamic banks in Malaysia to undertake Sharīʿah-compliant business and establish a Sharīʿah advisory board to advise on the banks’ operations (Ibrahim, 1997).
Detailed explanation-3: -Islamic Financial Services Act (IFSA), which came into force in 2013, governs the Islamic banking and insurance in Malaysia. IBA 1983 was replaced by IFSA 2013. The Act was enacted to ensure the aims and operations and business activities of the licensed institutions are in compliance with the Sharia principles.
Detailed explanation-4: -PAYMENT SYSTEMS The Financial Services Act (FSA) and the Islamic Financial Services Act (IFSA) came into force on 30 June 2013, replacing the repealed Payment System Act 2003 (PSA).