Page 90 - KLIFF2022eBook

KLIFF 2022 PROGRAMME BOOK

2009 GUIDELINES 2022 GUIDELINES
Individual Shariah Adviser Individual Shariah Adviser
• Have at least a degree in Shariah, particularly in fiqh • Holds, at a minimum, a degree in any of the following:
muamalat or Islamic jurisprudence from an institution a. Shariah;
recognised by the Malaysian government. b. Law, with a focus on Shariah; or
• at least two years of relevant experience and/or exposure c. Islamic studies, in which the degree must include
in Islamic finance, or have at least one year of relevant study in fiqh muamalat (Islamic transaction/
experience and/or exposure in Islamic finance and have commercial law) or usul fiqh (Islamic jurisprudence).
attended at least five relevant Islamic finance courses/ • at least three consecutive years of relevant working
workshops. experience in Islamic finance preceding the application.
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• The applicant must not: • Meets the “fit and proper” criteria as set out in Appendix
a. have been convicted, whether within or outside 1 of the 2022 Guidelines.
Malaysia, of an offence involving fraud or other
dishonesty or violence or the conviction of which
involved a finding that it or he acted fraudulently or
dishonestly;
b. have been convicted of an offence under the
securities laws; or
c. have contravened any provision made by or under
any written law appearing to the SC to be enacted
for protecting members of the public against financial
loss due to dishonesty, incompetence or malpractice
by persons concerned in the provision of financial
services or the management of companies; or
d. have contravened any provision made by or under
any written law appearing to the SC to be enacted
for protecting members of the public against financial
loss due to the conduct of undischarged bankrupts.

Corporation as a Shariah Adviser Corporation as a Shariah Adviser
• Should employ at least one full-time officer to be • Must have at least one full-time Shariah officer.
responsible for Shariah matters and must also satisfy the • The Shariah officer has met the requirements as specified
criteria set out for an individual Shariah adviser. for an individual Shariah adviser.
• The corporation or any of its directors or chief executive • The corporation, its directors and senior management
must not- are “fit and proper”, in accordance with the criteria as set
a. have been convicted, whether within or outside out in Appendix 1 of the 2022 Guidelines.
Malaysia, of an offence involving fraud or other
dishonesty or violence or the conviction of which
involved a finding that it or he acted fraudulently or
dishonestly;
b. have been convicted of an offence under the
securities laws; or
c. have contravened any provision made by or under
any written law appearing to the SC to be enacted
for protecting members of the public against financial
loss due to dishonesty, incompetence or malpractice
by persons concerned in the provision of financial
services or the management of companies; or
d. be an undischarged bankrupt whether within or
outside Malaysia.

Financial Institution as a Shariah Adviser Financial Institution as a Shariah Adviser
• Registration with the SC is not required where the • Registration with the SC is not required for a licensed
corporation is an Islamic bank or a financial institution Islamic bank, or a licensed bank/investment bank
approved by BNM to carry out an Islamic banking approved by BNM to carry on Islamic banking business.
scheme.

Foreign Shariah Adviser Foreign Shariah Adviser
• Required to submit to the SC, Form 3 under the 2022 • No separate registration category for foreign Shariah
Guidelines, and a copy of the letter of appointment or advisers under the 2022 Guidelines. Foreign Shariah
any other form of verification that would demonstrate advisers need to comply with either the individual or
his appointment as a Shariah adviser from a foreign corporation requirements set out above.
institution.

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3 Under the 2022 Guidelines, “relevance working experience” in Islamic finance include working in the financial institution, licensed capital
market intermediaries, academia or government agencies and ministries, that has direct involvement in Islamic finance practices or activities.

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