GOVERNANCE OF FATWA RESOLUTIONS ON ISLAMIC BANKING PRODUCTS IN MALAYSIA

Syukri Suhardi, Muhammad Ikhwan Abdullah, Mohamad Hidayat Mahmud, Ahmad Amjad Al-Zahawi

Abstract


The governance of fatwa resolutions constitutes a core element in ensuring Shariah compliance, operational stability, and the credibility of the Islamic banking system in Malaysia. Fatwa resolutions are not merely legal rulings but function as regulatory instruments that bind Islamic banking institutions in terms of product development, contract implementation, and operational practices. This study aims to analyze the governance of fatwa resolutions concerning Islamic banking products in Malaysia, focusing on the role of authoritative institutions, mechanisms of ijtihad, and implementation challenges within the contemporary financial context. A qualitative approach was adopted through document analysis and library research on Shariah resolutions and relevant academic literature. The findings indicate that the fatwa governance system led by the Shariah Advisory Council of Bank Negara Malaysia has successfully established uniformity and legal certainty within the Islamic banking industry. However, continuous improvement in the transparency of ijtihad methodology and the application of the maqasid al-shariah approach is required to ensure that fatwa resolutions remain relevant and authoritative.


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DOI: https://doi.org/10.3059/insis.v0i0.30498

DOI (PDF): https://doi.org/10.3059/insis.v0i0.30498.g15470

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