“The Dewan Negara [the Malaysian Senate] . . . approved five more Bills, two of which are related to Islamic law. Among the Bills approved were the Administration of Islamic Law (Federal Territories) (Amendment) Bill 2024 and the Syariah Court Civil Procedure (Federal Territories) (Amendment) Bill 2024 under the Prime Minister’s Department, as well as the Data Sharing Bill 2024 under the Digital Ministry.”
“The State Bank of Pakistan (SBP) has announced the adoption of Shariah Standard No. 59 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This standard, focusing on the Sale of Debt, has been implemented with immediate effect and comes with specific clarifications and amendments from the SBP.” For the relevant legal framework, consult the Banking Companies Ordinance (1962) and Shariah Standard No. 59.
