KUALA LUMPUR: The new Islamic Financial Services Act (IFSA) 2012 will statutorily enforce the management of syariah non-compliance risk and require Islamic financial institutions to ensure that their aim, operation, business, affairs and activities are syariah-compliant at all times.
“This is perhaps one of the most distinctive features of the IFSA 2012,” said International Islamic Banking Liquidity Management Corp chief executive officer Prof Datuk Dr Rifaat Ahmed Abdel Karim in a statement.
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