Compare and contrast the differences between the following standards that relate to Shariah governance: i. BNM's...

  

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Compare and contrast the differences between the following standards that relate to Shariah governance: i. BNM's Shariah Governance Policy Document ("SGPD"), ii. IFSB-10: Guiding Principles on Shariah Governance Systems for Institutions Offering Islamic Financial Services ("IFSB-10") GSIFI No I: Shariah Supervisory Board Appointment, Composition And Report ("GSIFI-r). iii. Using the table below, give short answers for all FIVE (5) questions regarding the differences between the three standards. An example is given. NO DIFFERENCES SGPD IFSB-10 GSIFI-10 o Example: What are the organizations that established the standards? BNM IFSB AAOIFI Give TWO (2) examples of the different terminology used between the three standards but have similar meanings. 2. 1. Who approved the appointment of the Shariah committee members? What is the minimum size (number of members) for the Shariah committee? Give ONE (1) unique difference in each standard that is not elaborated in the other standards. 4. What do you think of the initiative taken by each standard maker to ensure the IFIS adopts its Shariah governance standard? 3. 5. Compare and contrast the differences between the following standards that relate to Shariah governance: i. BNM's Shariah Governance Policy Document ("SGPD"), ii. IFSB-10: Guiding Principles on Shariah Governance Systems for Institutions Offering Islamic Financial Services ("IFSB-10") GSIFI No I: Shariah Supervisory Board Appointment, Composition And Report ("GSIFI-r). iii. Using the table below, give short answers for all FIVE (5) questions regarding the differences between the three standards. An example is given. NO DIFFERENCES SGPD IFSB-10 GSIFI-10 o Example: What are the organizations that established the standards? BNM IFSB AAOIFI Give TWO (2) examples of the different terminology used between the three standards but have similar meanings. 2. 1. Who approved the appointment of the Shariah committee members? What is the minimum size (number of members) for the Shariah committee? Give ONE (1) unique difference in each standard that is not elaborated in the other standards. 4. What do you think of the initiative taken by each standard maker to ensure the IFIS adopts its Shariah governance standard? 3. 5.

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No Difference SGPD IFSB10 GSIFI10 1 What are the organizations that established the standards Bank N... View the full answer