The dynamism of muamalat affairs and Islamic finance has undergone rapid development, and that it becomes increasingly complex. The Islamic scholars recognize this development as in line with the changing times, in which, the objective of shariah is for the benefit of the human beings. Nevertheless, the nas of the Islamic law is limited while the developments is in advance, which very need the role of ijtihad to play its function in dealing with the situation. Notwithstanding the facts, ijtihad must be carried out on consistent methodology, so that the shariah resolutions are competitive and trustworthy. Unfortunately, problems occur when the Shariah Advisory Council (SAC) of the Central Bank, the highest governing body established by the law and has the authority in decision-making regarding Islamic finance in Malaysia, does not submit clear rules and procedures in the issuance of shariah resolutions. This has resulted the decision being challenged in court. Hence, this study is aimed at drawing up a specialized istinbat methodology in muamalat affairs and Islamic finance. This study has been done qualitatively by referring to manuscripts of usul al-fiqh, muamalat, Islamic finance, and statutes.
In the findings, the study discovers that there were products approved by the SAC which have been alleged as non-compliant to shariah. This happened because there is no strong legal framework outlined. Therefore, the study attempts to outline a model of istinbat methodology in Islamic banking issues which meets the shariah that can be used as a guideline by the SAC in issuing a resolution.
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In-Text Citation: (Asni & Sulong, 2018)
To Cite this Article: Asni, F. A. H. M., & Sulong, J. (2018). The Model of Istinbat by the Shariah Advisory Council of Central Bank of Malaysia. International Journal of Academic Research in Business and Social Sciences, 8(1), 12–23.
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