Definition Of Islamic Banking According To Ifsa 2013

Islamic banking is a banking system that is based on the principles of islamic law sharia law and guided by islamic economics.

Definition of islamic banking according to ifsa 2013. The enactment of the islamic financial services act 2013 ifsa 2013 has marked an exceptional milestone in the development of the domestic islamic financial industry. Appendices ifsa 2013. From the act we see a significant re defining of the deposit product. A new perspective strategic management managing directors office page 26 islamic banking business islamic banking act 1983 islamic financial services act 2013 broad definition banking business complying with shariah funding sources.

The islamic financial services act ifsa 2013 was introduced to streamline the islamic banking definitions and practices. B accepting money under an. Islamic deposits investment account funding sources. Islamic financial services act 2013 date of royal assent 18 mar 2013 date of publication in the gazette 22 mar 2013 an act to provide for the regulation and supervision of islamic financial institutions payment systems and other relevant entities and the oversight of the islamic money market and islamic foreign.

The fsa ifsa incorporates strengthened provisions to regulate payment system operators and payment instrument issuers in order to promote safe efficient and reliable payment systems and instruments. On 30 june 2013 the financial services act 2013 fsa and the islamic financial services act 2013 ifsa collectively referred to as acts have come into effect by substituting and repealing the banking and financial institutions act 1989 the insurance act 1996 the payment systems act 2003 the exchange control act 1953 the islamic banking act 1983 and the takaful act 1984. With the introduction of this act we obtained clarity on many matters but not all of it is in our favour.