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BNM – FIDE FORUM Engagement Session with Board of Directors of Islamic Financial Institutions: Hajah and Darurah Policy Document
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March 07, 2024
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Physical
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BNM – FIDE FORUM Engagement Session with Board of Directors of Islamic Financial Institutions: Hajah and Darurah Policy Document

Hajah (needs) and darurah (dire necessity) are Shariah concepts that have been applied in Islamic financial business to address hardship in executing financial transactions or arrangements by resorting to a solution that may permit an exception in complying with existing Shariah principles or rulings. The policy aims to strengthen current governance and decision-making processes of Islamic financial institutions in addressing the hardship faced, while offering Islamic financial business, so that the application of Hajah and Darurah is in accordance with Bank Negara Malaysia’s expectations.

Following the issuance of the policy document on 3 January 2024, Bank Negara Malaysia is collaborating with FIDE FORUM, reaching out to member directors to explain the policy objectives, requirements and expectations, which includes the board’s oversight role to ensure effective implementation of the policy requirements.

Click the link here to download the Policy Document

Policy Document on Hajah and Darurah - Bank Negara Malaysia (bnm.gov.my)

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