Mfpc Srfp Practice Test & Exam Prep | Malaysia

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Under the Central Bank of Malaysia Act 2009 and the Capital Markets and Services Act 2007, what is the legal status of rulings issued by the Shariah Advisory Councils (SAC) of BNM and the SC in a court of law?

They are advisory only and can be overridden by civil judges. They are subject to approval by the Minister of Finance before being presented in court. They are final and binding on civil courts and arbitrators regarding Shariah issues. They are only binding on Islamic financial institutions but not on conventional courts.

Correct Answer:

They are final and binding on civil courts and arbitrators regarding Shariah issues.

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