SHARIAH GOVERNANCE IN THE DEVELOPMENT OF ISLAMIC FINANCE IN MALAYSIA

SHARIAH GOVERNANCE IN THE DEVELOPMENT OF ISLAMIC FINANCE IN MALAYSIA

Islamic finance is a type of financing activity that must comply with Shariah (Islamic Law) (CFI, 2015). It generally includes basic issues such as the prohibition of Islamic financial trade, which includes riba (interest), garar (uncertainty) and maisir (gambling), which must adhere to the principles of Shariah (Hassan, 2011). Besides, Islamic financial institutions should also apply Islamic business ethics and norms such as the principle of justice, the fulfilment of signed agreements, the principle of cooperation, the principle of poverty eradication, the free market principle, affordable prices and avoidance of harm

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