Fintech and the Transformation of the Islamic Finance Regulatory Framework in Malaysia

2019 ◽  
pp. 211-222
Author(s):  
Ho Wen Hui ◽  
Azwina Wati Abdull Manaf ◽  
Asfarina Kartika Shakri
Keyword(s):  
Regulatory Framework ◽  
Islamic Finance

Part G Islamic Finance, 52 Harmonization and the Development of the International Islamic Financial Markets

2015 ◽  
Author(s):  
Proctor Charles
Keyword(s):  
Financial Markets ◽  
Regulatory Framework ◽  
Capital Adequacy ◽  
Islamic Finance ◽  
Standardized Documentation

This chapter focuses on the need for standardization and harmonization within the Islamic financial markets. It discusses the imperatives of standardization; the tawarruq and the sukuk as illustrations of the need for a harmonized approach; enforcement issues; the nature and scope of harmonization; standardized documentation; Shariah rulings; the regulatory framework; capital adequacy; and taxation.

scholarly journals Sukuk Default Regulation in Malaysia and United Arab Emirates: Comparative Analysis

2019 ◽  
Author(s):  
International Journal of Fiqh and Usul al-Fiqh Studies
Keyword(s):  
Comparative Analysis ◽  
United Arab Emirates ◽  
Capital Market ◽  
Regulatory Framework ◽  
Court Decision ◽  
Islamic Finance ◽  
Moral Hazards ◽  
Finance Industry ◽  
Market Framework ◽  
The Right

The nascent Islamic finance industry is still facing the challenges of uncertainties in legal regimes, Sharī’ah interpretations, the right of investors, and remedies in default circumstances. The event of Sukūk default is one of the significant challenges faced by the Islamic capital market. The recent Dana Gas Sukūk default triggered by Sharī’ah compliance interpretations has shown the extent of danger that moral hazards could cause to the entire Islamic finance space. Scholars have argued that the Sharī’ah-compliant arguments witnessed in the industry were because of the nature of the capital market framework of any particular jurisdiction and were not significantly Sharī’ah issues. This study aims to carry out a brief comparative analysis of the default cases in Malaysia and the United Arab Emirates (UAE). The study compares the legal jurisdiction and regulatory framework in summary-background of the judges and court decision samples based on these structures and how they have influenced Sukuk default regulations in the jurisdiction. This study employs a comparative analysis by considering fundamental elements in the regulatory framework.

scholarly journals Development and Shari'ah issues of the Takaful industry in Malaysia – Effects of the Regulatory Framework on the Implementation and Growth

2017 ◽  
Vol 2 (1) ◽  
pp. 38-43
Author(s):  
Muhamad Badri Othman
Keyword(s):  
Financial Services ◽  
Merger And Acquisition ◽  
Regulatory Framework ◽  
Islamic Finance ◽  
Related Area ◽  
Acquisition Strategies ◽  
Paper Review ◽  
To Come

Objective - This paper aims to discuss and analyse whether the participation of long established conventional insurance conglomerates will be positive towards the development of the Takaful, particularly in the aspect of the operators' compliance towards Shari'ah requirements. Methodology/Technique - The study reviews literature in related area. Findings - Findings indicate that the merger and acquisition (M&A) which have taken place recently by other foreign insurers with our local Takaful operators show that the growth of this industry is promising for years to come for the foreign insurers to tap into our Takaful market. Novelty - The study attempts to provides insight on effect of foreign companys' merger and acquisition strategies in Takaful market. Type of Paper: Review Keywords: Islamic finance; Islamic Financial Services Act 2013; merger and acquisition; Shari'ah compliance; Takaful.

Islamic Law and Finance

2017 ◽  
pp. 842-860 ◽  
Author(s):  
Anver M. Emon
Keyword(s):  
Twentieth Century ◽  
Islamic Law ◽  
Free Market ◽  
Financial Sector ◽  
Regulatory Framework ◽  
Islamic Finance ◽  
Law And Finance ◽  
Oil Boom

This essay provides a historiographic introduction to the literature on Islamic finance. It situates the financial practice in terms of foundational principles; historical legal doctrines as reapplied in a contemporary financial context; and an institutional, regulatory framework developed over the course of the twentieth century. The rise of Islamic finance occurs at the intersection of excessive surplus wealth from the 1970 oil boom and an increasingly deregulated global financial sector in the 1980s; as such, this essay conceptually situates the Islamic financial order within the broader turn to free-market ideologies and policies globally.

scholarly journals Contemporary Challenges Confronting Islamic Banking & Finance

2015 ◽  
Vol 55 ◽  
pp. 86-94
Author(s):  
Muhammad Asif Khan ◽  
Muhammad Waseem Shehzad ◽  
Muhammad Atif Khan
Keyword(s):  
Capital Market ◽  
Regulatory Framework ◽  
Western Society ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Reporting Standards ◽  
Financial Instruments ◽  
Tabular Form ◽  
Banking And Finance

The philosophy of Islamic economics is “brining economics in consonance with Shariah”, guiding Islamic banking and finance to abolish interest from operations, has reported a monumental growth, envisaged the most lucrative and unsusceptible segment of the economy. Islamic finance is undoubtedly flourishing worldwide entails trajectory development but at other front it encounters a number of impediments in development since its inception. The emphasis of this study is to encapsulate in tabular form, the contemporary problems and challenges Islamic finance has encountered during the span of last 28-years from 1988 to 2015. The austere Shariah compliance; regulatory and prudential challenges; misconception among western society about Islamic banking philosophy; unavailability of money and capital market for scant Islamic financial instruments; piercing competition; privation of Islamic banking and finance awareness; absence of uniform reporting standards; complexities of regulatory and supervisory issues; lack of central supervisory body, governance and dearth of consensus among Shariah scholars been the precarious challenges among many others. A unified central regulatory and supervisory mechanism required in converging sprinkled Islamic finance practices and to foster a synchronized and standardized regulatory framework consensus need to be developed among all Shariah scholars

scholarly journals Regulatory framework for Islamic financial institutions: lesson learnt between Malaysia and Indonesia

2019 ◽  
Vol 2 (2) ◽  
pp. 79
Author(s):  
Fazlurrahman Syarif
Keyword(s):  
Central Bank ◽  
Financial Institutions ◽  
Financial System ◽  
Regulatory Framework ◽  
Dual System ◽  
Islamic Finance ◽  
Qualitative Model ◽  
Sharia Law ◽  
Islamic Financial Institutions ◽  
Laws And Policies

Islamic finance is a rapidly growing stream in the Halal economy. Islamic finance is a method of banking or financing activities that are based on the Sharia law and operated by sharing the risk or divide the profits of any investment as per the agreed terms. This study discusses the forms of a regulatory framework and on the organizations that are constituted for standardizing the regulations. The paper also analyses the regulatory framework for Islamic financial institutions in Malaysia and Indonesia. The type of research used is a descriptive qualitative model. We find that both countries maintain a dual system of the regulatory framework which considers the conventional and Islamic financial system. Hence, the central bank has full authority to enact required laws and policies and to regulate the Islamic financial institutions in Indonesia and Malaysia.  

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