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Introduction of the islamic financial services act

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Reference no: EM133073220

The introduction of the Islamic Financial Services Act (2013) which under Section 28(5) impose severe penalties of imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both for breach of the banks' Shariah functions. Support the need for strong shariah framework in the Islamic financial system as evidenced from the Act.

Reference no: EM133073220

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