‘Innovate or perish’. Universities in this age have evolved far beyond the traditional settings where university was an institution for disseminating knowledge, but today university has been running the role of country’s innovation excellence where it has become a place for disseminating and producing knowledge as well as commercializing their research output which contributed largely to the country’s economic development. Thus this paper highlight the development of research university system in Malaysia which is still at infancy stage compared to RU in the United States and United Kingdom and analyse it’s policy and management procedure so that it can become a direction to other countries which are trying to develop their research and innovation strategies
Comprehensive compliance to Shariah principles ensure confidence among stakeholders and strong credentials for the banking institutions. The Shariah Governance Framework (SGF) was introduced by the BNM in 2010 to safeguard Islamic financial institutions' Shariah compliancy. Non-compliancy to SGF will pose risks to the banks and cause instability in the financial industry. This study explores the implementation of the internal SGF in selected Islamic banks. Document reviews and interviews were conducted to analyse the SGF documentations and practices. The banks' practices are compared to the Guidelines on the Governance of Shariah Committee (GGSC) 2005 and the SGF 2010. Roles of major Shariah committees were reviewed with regard to the banks' internal SGF compliancy to the SGF 2010. The findings indicate that the Islamic banks are generally compliant to the SGF 2010 provisions. The banks' implementation of major Shariah organs has facilitated regulators in monitoring and mitigating Shariah non-compliancy events or risks. The most challenging issue faced by the Shariah audit team is limited resources in terms of on-the job work experience or Shariah knowledge. Thus, it is essential for Islamic banks to enhance their internal SGF within the scope of the SGF 2010 and collaborate with training agencies or higher education-related parties in addressing shortage of skilled manpower.
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