QUESTION 3 (25 MARKS)  a

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QUESTION 3 (25 MARKS) 

a. Critically discuss THREE (3) sources of the rules that guide the conduct of Islamic banking in Malaysia. (9 marks)

 b. Urf is one of the important secondary sources in Islamic law following the changes of many rulings subject to changes of circumstances. Explain the conditions for urf to be accepted as a legitimate source of Islamic law. (6 marks) 

c. Section 28(1) of IFSA 2013 states that one of the duties of an Islamic Financial Institution (IFI) is to "ensure that its aims and operations, businesses, affairs and activities are in compliance with Shariah". Based on the statement, explain how the IFI should ensure that all its operations, businesses, affairs and activities comply with Shariah principles. (6 marks)

d. Discuss the functions of Shariah Supervisory Board (SSB) in Islamic banking