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Bank Negara’s decisions on Islamic finance binding, Federal Court rules | The Malaysian Insight

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Bank Negara’s decisions on Islamic finance binding, Federal Court rules

The Federal Court has ruled that decisions by Bank Negara's Shariah Advisory Council on Islamic finance is binding on civil courts. – The Malaysian Insight file pic, April 11, 2019.

DECISIONS by Bank Negara’s Shariah Advisory Council on Islamic finance is binding on civil courts, the Federal Court ruled yesterday. In a landmark 5-4 decision by a full nine-man bench, the Federal Court also ruled that the ascertainment of Islamic law by the SAC does not amount to a judicial decision as it is not a judicial body,Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one week free access!

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Finance Ministry unit fined RM18m for infringing Bank Negara conditions | Malay MailKUALA LUMPUR, April 5 — Suria Strategic Energy Resources Sdn Bhd (SSER), a subsidiary of the Ministry of Finance which carried out two petrochemical and gas pipeline projects worth RM9.4 billion was today fined RM18 million by the Sessions Court here today for failing to comply with Bank Negara... Seriously?!!! So, betul lah apa yg diperkatakan ttg MOF kita. A government department is officially engaged in for-profit business entities? What else are kept from public knowledge?
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