Shariah Compliance

PESB TOWARDS SHARIAH PRINCIPLES

Paxos Ebreiz Skylight Berhad (PESB) is officially a Shariah-Compliant company as of 21th November 2020. AGCB has obtained the Shariah Compliance certification from Shariah Advisory Panel (SAP) to ensure that all matters related to trading, transactions, and business are in accordance with Shariah principles.

This certification officially verifies that PESB complies with Malaysian recognized Shariah requirements with the guidelines set by Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM).

Being a Shariah-Compliant organization is a significant feat for us. It ensures PESB’s technology-based platform maintains the high standards of operations and products and will continue to deliver substantial value to all stakeholders. In line with the mission and vision to be carried, PESB wants to bring – “The Future of Islamic Hybrid Finance” aspirations to the international stage in the near future.

SHARIAH COMPLIANCE CERTIFICATION

MISSION

To become a fully integrated Shariah Compliance Gold Trading Business, provide financial solutions to ensure all services according to the Shariah Principles and become a convenient platform for customers to purchase and sell gold.

VISION

To provide our stakeholders with flexible and convenient Shariah Compliance financial solutions.

OBJECTIVES

Business management and operation must comply with Shariah standards

Spearhead and supply Shariah regulations in the management and operations of the gold trading business.

Integration of Shariah Compliance in business practice against Riba.

Provide financial solutions towards Islamic Hybrid Finance inline and guided by Shariah principals.

Enrich resources of knowledge and understanding in Islamic finance perspective.

Disseminate a harmonization amongst people and mutual respect in Islamic practices.

Provide avenues for the development of Shariah practices.

OUR SHARIAH ADVISORY PANEL (SAP)

OUR SHARIAH GUIDELINES

BANK NEGARA MALAYSIA (BNM)

The Central Bank of Malaysia is the Malaysian central bank established on 26 January 1959 as Central Bank of Malaya. Its primary purpose is to issue currency, act as banker and adviser to the Government of Malaysia, and regulate its financial institutions, credit system, and monetary policy. Read More

SECURITIES COMMISSION (SC)

Established on 1 March 1993 under the Securities Commission Act 1993, SC is a self-funding statutory body with investigative and enforcement powers. It reports to the Minister of Finance, and its accounts are tabled in Parliament annually. Read More

JABATAN KEMAJUAN ISLAM MALAYSIA (JAKIM)

Established on 1 January 1997, the Malaysian government is taking over the power and role of BAHEIS to ensure all in line with the growing development and progress of Islam in the country from the Department of Islamic Development Malaysia (JAKIM). The department is a federal government agency in Malaysia that administers Islamic affairs in Malaysia. Read More

Frequently Asked Questions

  • Shariah Compliance means ensuring that the organisation is effectively managed in accordance with universally accepted values like discipline, honesty, justice, sincerity, timeliness, and truthfulness. The halal and non-halal aspects of all processes vital for delivering services and products must also be identified and communicated to all employees and implemented effectively.
  • Shariah is the Islamic law that encourages trade and investment but prohibits investments in companies engaged in alcohol, gambling, defense, conventional banks or insurers, and most forms of entertainment and the requirement of the shariah is:

    • Not to engage in interest-based transactions.
    • Not to conduct a purely financial transaction disconnected from real economic activity.
    • Not to participate in a transaction where there is the exploitation of any party.
    • Not to participate in activities regarded as harmful to society.
    • Ensure that the universal values of justice, honesty, truthfulness, sincerity, timeliness, and discipline are integrated into your quality management practices.
    • Place greater emphasis on ethical standards in business processes.
    • Receive independent assurance that your organization’s processes and practices are in accordance with Shariah principles.
  • PESB complies with Shariah’s requirements with the guidelines set by Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM).
  • PESB officially received its Shariah Compliance Certificate on 21th November 2020.
  • PESB officially received its Shariah Compliance Certificate on 21th November 2020.
  • PESB must ensure that they are continuously improving their business operations and values in accordance to Shariah principles, which will be ascertained by the Shariah Advisory Panel (SAP) through the approval of the business model.

PESB

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