Islamic Financial Services Act 2013

The Islamic Financial Services Act 2013 (IFSA) in Malaysia provides a legal framework to regulate Islamic banking and financial institutions. It ensures these institutions operate based on Shariah principles, promoting transparency, stability, and consumer protection. The act grants the Central Bank of Malaysia, Bank Negara Malaysia, authority to oversee and enforce compliance, safeguard customers' interests, and maintain confidence in Islamic financial markets. Overall, IFSA supports the development of a sound, ethical, and resilient Islamic financial sector aligned with Malaysia’s legal and religious standards.