IFSA 2013

E818519

IFSA 2013 is a Malaysian legislative framework that comprehensively regulates and supervises the Islamic finance industry, including Islamic banking, takaful, and related financial services.

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IFSA 2013 canonical 1

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Statements (48)

Predicate Object
instanceOf Islamic finance legislation
Malaysian federal statute
appliesTo Islamic banks
Islamic financial holding companies
Islamic financial institutions
Islamic money brokers
Islamic payment system operators
takaful operators
country Malaysia
enforcedBy Bank Negara Malaysia
fullName Islamic Financial Services Act 2013
includesRequirement Shariah governance framework for Islamic financial institutions
business conduct and consumer protection standards
corrective and enforcement actions
establishment of Shariah committees
licensing of Islamic financial institutions
prudential standards for Islamic financial institutions
resolution and exit mechanisms for Islamic financial institutions
supervision and examination powers for Bank Negara Malaysia
jurisdiction Malaysia
keyConcept Shariah compliance
consumer protection
prudential regulation
systemic stability
languageOfText English
Malay
legalSystem common law
legislature Parliament of Malaysia
purpose to ensure compliance of Islamic financial business with Shariah
to promote financial stability in the Islamic financial system
to provide a regulatory framework for Islamic financial institutions
to strengthen consumer protection in Islamic financial services
region Asia
regulator Bank Negara Malaysia
relatedTo Financial Services Act 2013
repeals Islamic Banking Act 1983
Takaful Act 1984
sector Islamic capital markets
financial regulation
subjectMatter Islamic banking
linked to: Islamic finance

Islamic finance
Islamic financial safety net
Islamic financial services
Islamic foreign exchange market
Islamic insurance
Islamic money market
linked to: Islamic finance

Islamic payment systems
takaful

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