Malaysian’s Government Linked Investment Companies: Is There a Need for Shariah Governance Framework? (Syarikat Pelaburan Berkaitan Kerajaan Malaysia: Adalah Adakah Perlu Rangka Kerja Tadbir Urus Syariah?)
DOI:
https://doi.org/10.31436/jia.v17i2.961Abstract
This paper attempts to examine the absence of a Shariah Governance Framework (SGF) in Malaysian’s Government Linked Investment Companies (GLICs). A GLIC is essential for the Malaysian economy, while SGF is practiced by the Islamic Financial Institutions (IFIs) in Malaysia to ensure end-to-end Shariah compliant process in the business operation of the banks and takaful operators. When the GLIC aims to provide Shariah compliant returns to their investors (public), the move should be supported by all stakeholders as majority of the investors of the GLICs are Muslims, and thus the demand for a Shariah compliant dividend is expected. As for the IFIs in Malaysia, the Central Bank of Malaysia requires all IFIs to establish an SGF to ensure their activities comply with Shariah principles. The question arises whether this requirement should be practiced by the GLICs too. This paper examines the importance of SGF to be established by the GLICs. Since this study is focusing on the importance of SGF in GLICs, interviews and document analysis methods are used for data collection.
Keywords: Government Linked Investment Companies, Shariah Governance Framework, Shariah Compliance, Islamic Finance.
Abstrak
Makalah ini cuba meneliti permasalahan mengenai ketiadaan Kerangka Tadbir Urus Syariah (Shariah Governance Framework atau SGF) di Syarikat Pelaburan Berkaitan Kerajaan (Government Link Investment Companies atau GLIC) di Malaysia. Syarikat Pelaburan Berkaitan Kerajaan adalah penting untuk ekonomi Malaysia, sementara Kerangka Tadbir Urus Syariah merupakan peraturan yang dipraktikkan oleh Institusi Kewangan Islam (IKI) di Malaysia untuk memastikan proses patuh Syariah dipatuhi secara keseluruhan dalam setiap aspek operasi bank Islam dan pengendali takaful. Apabila Syarikat Pelaburan Berkaitan Kerajaan menjalankan perniagaan bertujuan untuk memberikan pulangan patuh Syariah kepada pelabur mereka, langkah tersebut harus disokong oleh semua pihak yang berkepentingan kerana majoriti pelabur Syarikat Pelaburan Berkaitan Kerajaan adalah beragama Islam yang mengharapkan dividen yang patuh Syariah. Di Malaysia, Bank Negara Malaysia menghendaki semua IKI mengamalkan Tadbir Urus Syariah untuk memastikan aktiviti mereka mematuhi prinsip Syariah. Persoalan yang timbul adakah syarat ini juga harus dipraktikkan oleh Syarikat Pelaburan Berkaitan Kerajaan. Makalah ini mengkaji sama ada perlunya Kerangka Tadbir Urus Syariah ditubuhkan oleh Syarikat Pelaburan Berkaitan Kerajaan ini. Kajian ini akan memfokuskan pada keperluan Kerangka Tadbir Urus Syariah dalam Syarikat Pelaburan Berkaitan Kerajaan di mana kaedah temuduga dan analisis dokumen adalah kaedah yang digunakan untuk pengumpulan data.
Kata Kunci: Syarikat Pelaburan Berkaitan Kerajaan, Kerangka Tadbir Urus Syariah, pematuhan Syariah, kewangan Islam.
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