Shariah Compliance & Product Development in Islamic Banking by Shahrul Azman Abd Razak

Shariah compliance and product are inseparable concepts that are discussed in Islamic banking setting. Without complying the Shariah principles, Islamic banking products could not be proclaimed as Shariah compliant. By utilising the Malaysian Islamic banking system as a focal point, this book contends the the approaches in developing Islamic banking products are unique, robust and distinctive from other Islamic banking institutions in the world. Overall, this book is divided into seven chapters, which provides critical analysis on the concep of Shariah compliance and product development in Islamic banking. As Shariah principles are important pillars to ensure the products develped are purely Islamic as requireed, the book discusses the theoretical structure of Shariah requirements and product development framework in the Malaysian Islamic banking setting. This book also provides an analysis as to whether current legal and regulatory framework can support the development of genuine Islamic banking products. Furthermore, the book investigate hiyal (legal artifices) method from the Shariah and Islamic banking perspective as to whether this method is acceptable under the Shariah principles. In understanding the real practise of Isamic banking, the book provides some cases of Islamic banking products that are already establised in the market to analyse whether the products are in compliance with the Shariah principles and Islamic economics objectives as explained in the book. Finally, the book provides sme recommedations to strengthen the development of Islamic banking products in Malaysia. This book is suitable for students, academicians, researchers, Islamic bankers, regulators, policy makers and those who have interest in advancing their knowledge in Islamic banking.