Kuala Lumpur: 18th January 2024
After a successful launch of the Standard Form of Building Contract (SFC) 2024 yesterday, the Asian International Arbitration Centre (AIAC) marks another milestone in its history today with the launch of of the AIAC Islamic Standard Form of Building Contract (i-SFC) 2024 officiated by YABhg.
Tun Dato’ Seri Zaki bin Tun Azmi, Chairperson of the Steering Committee for the AIAC Islamic Standard Form of Building Contract (i-SFC) and YABhg. Tun Mohamed Raus Bin Sharif (former Chief Justice of Malaysia) at the AIAC’s Bangunan Sulaiman.
It was a revolutionary and ground-breaking advancement in the construction industry, as the i-SFC, which embraces the Principles of Shariah, is invaluable in this growing and dynamic construction industry.
The newly launched i-SFC is based on the Istisna’ contract and is in line with the relevant guidelines of Bank Negara Malaysia and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Going back to June 2023, the Steering Committee for the AIAC Islamic Standard Form of Building Contract (i-SFC) that comprises of YABhg Tun Dato’ Seri Zaki bin Tun Azmi (Chairman), Prof. Dr. Engku Rabiah Adawiah Engku Ali, Prof. Datuk Dr. Syed Othman Bin Syed Hussin Alhabshi, Mr. Jalalullail Othman and Dato’ Azmi Mohd Ali have engaged in long hours of consultation and deliberation of the respective clauses in the standard form contract to ensure that this i-SFC meets the required standard and ready to be used in the construction industry.
Speaking about the i-SFC, Datuk Sundra Rajoo, Director of the AIAC, in his Special Remarks said:
“the AIAC i-SFC 2024 is not just a contract form; it is a commitment to ethical, equitable, and sustainable growth in the construction industry, guided by the enduring principles of Shariah.”
Speaking about the i-SFC, YABhg. Tun Dato’ Seri Zaki bin Tun Azmi, Chairperson of the Steering Committee for the AIAC Islamic Standard Form of Building Contract (i-SFC) in his keynote remarks said:
“the AIAC i-SFC stands as a testament to our unyielding commitment to progress, a progress that is rooted in the values of Shariah—justice, transparency, and equality. As we witness the burgeoning rise of Islamic finance….it becomes evident that what we are embarking upon is not a mere contractual framework, but a pioneering stride towards ethical practice in our robust industry.”
The AIAC hopes that the launch of the i-SFC will bring significant impact to the construction industry.