KUALA LUMPUR: Bank Negara Malaysia (BNM) will be issuing a strategy paper and exposure draft on the syariah contract framework this year.
BNM governor Datuk Seri Abdul Rasheed Ghaffour said the framework is under review to promote broader, more effective use of syariah contracts.
“The next Financial Sector Blueprint will also carry this broader shift. We want to align the financial sector more closely with Malaysia’s future socioeconomic priorities,” he said during his special address at the Kuala Lumpur Islamic Finance Forum (KLIFF 2026) here yesterday.
On Nov 11, 2024, the central bank published a discussion paper on the syariah contract framework, outlining the proposed approach to reviewing the current syariah contract-based policy documents.
It included the proposed framework design, alignment of syariah contract applications with their intended objectives, recalibration of syariah and operational requirements, as well as the review strategy and timeline.
“This initiative aims to support the diverse application of syariah contracts by Islamic financial institutions, in line with the Financial Sector Blueprint 2022 to 2026 strategy,” it said in a statement.
On the next blueprint, Abdul Rasheed said BNM would prioritise aligning strategies and capital with purpose by directing resources to higher-value sectors and renewable energy and strengthening resilience against climate and economic shocks.
He said the second priority would focus on innovating around real needs. — Bernama
