Shariah compliance is the backbone of Islamic banks. As an institution established within the ambit of Shariah, Islamic banks are expected to ensure that their aims, activities, operations and management adhere to the Shariah principles and values. Failure to comply with Shariah, will expose Islamic Financial Institutions (IFIs) to Shariah non-compliance risk. Subsequently, it is an essential duty of the IFIs to manage Shariah risk properly. In order to effectively manage the risk vulnerability of the IFIs, proper measures for risk management have been put in place in different frameworks that are either domestic or international based. In the Malaysian context, IFIs are guided by relevant regulations such as the Shariah Governance Framework 2010, IFSB principles and Islamic Financial Services Act 2013 with regards to Shariah risk management. This research examined the regulatory requirements of the Shariah risk management process for Islamic financial institutions that operate in Malaysia, in the context of the Guidelines on Shariah Governance Framework 2010 issued by the Central Bank of Malaysia. The paper discusses the concept of “risk”, “Shariah risk” and “Shariah non-compliant risk” in the context of Islamic Financial Institutions and also examines the process adopted by the Malaysian IFIs in managing the Shariah risk. The hypotheses that the paper seeks to establish are that there are differences between the concept of Shariah risk and Shariah non-compliant risk; and that the Shariah risk management process adopted by the IFIs are different than the conventional risk management process due to the unique features and requirements of the IFIs.   Keywords: Shariah, Risk management, Islamic Financial Institutions.   Abstrak: Pematuhan Syariah adalah tulang belakang bank Islam. Sebagai sebuah institusiyang ditubuhkan dalam bidang Syariah, bank Islam dijangka memastikan bahawa matlamat, aktiviti, operasi dan pengurusan mereka mematuhi prinsip dan nilai Syariah. Kegagalan mematuhi Syariah, akan mendedahkan Institusi Kewangan Islam (IFIs) kepada risiko ketidakpatuhan Syariah. Selepas itu, adalah tanggungjawab penting IFI untuk menguruskan risiko Syariah dengan betul. Untuk mengatasi kelemahan risiko IFI secara berkesan, langkah-langkah yang sewajarnya untuk pengurusan risiko telah dilaksanakan dalam rangka kerja yang berbeza sama ada di dalam negeri atau antarabangsa. Dalam konteks Malaysia, IFI dipandu oleh peraturan yang berkaitan seperti Rangka Kerja Tadbir Urus Syariah 2010, prinsip IFSB dan Akta Perkhidmatan Kewangan Islam 2013 berkaitan dengan pengurusan risiko Syariah. Kajian ini mengkaji keperluan pengawalseliaan proses pengurusan risiko Syariah untuk institusi kewangan Islam yang beroperasi di Malaysia, dalam konteks Garis Panduan mengenai Rangka Tadbir Urus Syariah 2010 yang dikeluarkan oleh Bank Negara Malaysia. Makalah ini membincangkan konsep “risiko”, “risiko Syariah” dan “risiko tidak patuh Syariah” dalam konteks Institusi Kewangan Islam dan juga mengkaji proses yang diterima pakai oleh IFI Malaysia dalam menguruskan risiko Syariah. Hipotesis ini bertujuan untuk melihat perbezaan antara konsep risiko Syariah dengan risiko tidak patuh Syariah; dan proses pengurusan risiko Syariah yang diterima pakai oleh IFIs adalah berbeza daripada proses pengurusan risiko konvensional disebabkan oleh ciri-ciri unik dan keperluan IFI.   Kata kunci: Syariah, Pengurusan risiko, Institusi Kewangan Islam.

Colour is mentioned a few times in the Prophetic Traditions, signifying its values and symbolic representation for the people. The Prophet PBUH highlighted the significance of certain colours by describing his preferred colours for his clothing and he also approved or discouraged the usage of certain colours. Among the colours that are specifically mentioned and found in the hadith are white, red, green, black and yellow. These colours give different connotations as they were used in the Prophet's attires during battles and other occasions; and some bring about specific understanding, as stated by the Prophet PBUH. Interestingly, the use of certain colours as found in the hadith corresponds to that mentioned in the Qur'an. Thus, this paper will observe the discussion among Muhaddithin regarding to the topic of colours in terms of its definition, function, significance and impact on the human life. The variety of meaning and understanding of colours according to different perspectives and cultures will also be discussed. The implications of using specific colours psychologically and scientifically will also be exposed in order to discover the connection between colours in the Prophetic Traditions and in our contemporary life.

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The practice of Waqf is deeply rooted in the history of Malaysia, going as far back as the 15th century during the Malaccan Sultanate. Waqf, at the time, became popular amongst Muslims in the Malay Peninsula. It brought about remarkable changes to the communities and the standard of living, and the world's outlook on the inhabitants (Mahamood, 2006). The building of mosques like the Kg. Hulu Mosque in Malacca, the Sultan Abu Bakar Mosque in Johor, and the Kg Laut Mosque in Kelantan are momentous examples of the early and firm establishment of Waqf in Malaysia (Sayin, 1994a). During the early stages of Waqf in the Malay states, the community organizers were responsible for managing the waqf assets' trusteeship. The trustees were responsible for the organization, its control, and Waqf management to benefit the beneficiaries. However, the purchases were not documented or evidenced to be used for Waqf. The lack of proper documentation caused different issues, like claims made by the heirs over the asset after the asset owner passed away, leading to the inability to use the asset for Waqf. Waqf properties during the colonization period from 1511 to 1946 witnessed many changes in their development. A notable difference was that waqf management's responsibility gradually shifted to the respective Majlis Agama Islam Negeri or State Islamic Religious Councils (SIRCs). Keywords: Waqf, Shari'ah governance, Majlis Agama Islam, and Malaysia