IFSA stands out as the leading legislation guiding Islamic banking, takaful, and Shariah-compliant payment systems in Malaysia, coming into force on June 30, 2013. By September 2026, the legislation continues to be in full force and effect, backed by the Islamic Financial Services (Amendment) Act 2026, which defines the modern concept of digital Islamic assets and electronic transactions. This piece of legislation makes Shariah compliance an essential statutory requirement, punishable by heavy fines of up to RM 25 million for any violation, and grants Bank Negara Malaysia the power to regulate the industry through operational rules such as the RMiT Framework.
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