BANK Negara and commercial banks in the country have adequate shariah experts to ensure the implementation of the Islamic banking system is in accordance with shariah principles, says Federal Territories mufti Dr Zulkifli Mohamad Al Bakri.

He said industry advisors and experts would set the indicators to ensure that the Islamic banking system abides by shariah rules.

“The advisors and experts will also constantly update latest developments in the industry and share information to ensure the implementation of the Islamic banking system in Malaysia is heading in the right and matured direction,” he said during a talk on “Why We Must Choose Islamic Banking”.

The talk was held during Bank Negara’s three-day Financial Carnival themed “Prioritise Your Financial Needs”.

Zulkifli, who is also a member of Bank Negara’s Shariah Advisory Council, said Islamic financing must meet three conditions namely conform to Shariah principles, linked to values that can assist and benefit the masses, and promote fairness.

“For example, the wakaf in health and education, introduced among banks in Malaysia, has had great impact on the people,” he said. – Bernama, November 26, 2017.