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The development of Islamic banking laws in Malaysia: an overview

Malaysia is well regarded by the international community as one of the leading Islamic financial centers. This was evidenced by the launching of an initiative by the Malaysian Government known as the Malaysian International Islamic Financial Centre (MIFC) on 14 August 2006. Behind this successful...

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Main Authors: Ruzian Markom,, Norilawati Ismail,
Format: Article
Published: Fakulti Undang - Undang 2009
Online Access:http://journalarticle.ukm.my/1697/
http://ejournal.ukm.my/juum
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spelling my-ukm.journal.16972019-05-14T04:43:56Z http://journalarticle.ukm.my/1697/ The development of Islamic banking laws in Malaysia: an overview Ruzian Markom, Norilawati Ismail, Malaysia is well regarded by the international community as one of the leading Islamic financial centers. This was evidenced by the launching of an initiative by the Malaysian Government known as the Malaysian International Islamic Financial Centre (MIFC) on 14 August 2006. Behind this successful achievement, the emergence of Islamic banking in Malaysia stemmed from the establishment of the first full-fledged Islamic bank offering Islamic products and services in 1983 known as Bank Islam Malaysia Berhad (BIMB) under the Islamic Bank Act 1983. This article examined the development of Islamic banking and financial laws in Malaysia. Firstly, the background of Islamic banking and finance is addressed. Secondly, the development of the industry is described from its infancy days until its recent achievement to become an Islamic financial hub. The next section dwells upon the issues relating to the current legislative jurisdiction and Shariah supervision on the matters. Finally, while the study illustrates that the finance industry is evolving progressively, further efforts and reformation are needed for the country to sustain as ‘Malaysia International Islamic Financial Centre’ Fakulti Undang - Undang 2009 Article PeerReviewed Ruzian Markom, and Norilawati Ismail, (2009) The development of Islamic banking laws in Malaysia: an overview. Jurnal Undang-undang, 13 . ISSN 1394-7729 http://ejournal.ukm.my/juum
institution Universiti Kebangsaan Malaysia
building Perpustakaan Tun Sri Lanang Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Kebangsaan Malaysia
content_source UKM Journal Article Repository
url_provider http://journalarticle.ukm.my/
description Malaysia is well regarded by the international community as one of the leading Islamic financial centers. This was evidenced by the launching of an initiative by the Malaysian Government known as the Malaysian International Islamic Financial Centre (MIFC) on 14 August 2006. Behind this successful achievement, the emergence of Islamic banking in Malaysia stemmed from the establishment of the first full-fledged Islamic bank offering Islamic products and services in 1983 known as Bank Islam Malaysia Berhad (BIMB) under the Islamic Bank Act 1983. This article examined the development of Islamic banking and financial laws in Malaysia. Firstly, the background of Islamic banking and finance is addressed. Secondly, the development of the industry is described from its infancy days until its recent achievement to become an Islamic financial hub. The next section dwells upon the issues relating to the current legislative jurisdiction and Shariah supervision on the matters. Finally, while the study illustrates that the finance industry is evolving progressively, further efforts and reformation are needed for the country to sustain as ‘Malaysia International Islamic Financial Centre’
format Article
author Ruzian Markom,
Norilawati Ismail,
spellingShingle Ruzian Markom,
Norilawati Ismail,
The development of Islamic banking laws in Malaysia: an overview
author_facet Ruzian Markom,
Norilawati Ismail,
author_sort Ruzian Markom,
title The development of Islamic banking laws in Malaysia: an overview
title_short The development of Islamic banking laws in Malaysia: an overview
title_full The development of Islamic banking laws in Malaysia: an overview
title_fullStr The development of Islamic banking laws in Malaysia: an overview
title_full_unstemmed The development of Islamic banking laws in Malaysia: an overview
title_sort development of islamic banking laws in malaysia: an overview
publisher Fakulti Undang - Undang
publishDate 2009
url http://journalarticle.ukm.my/1697/
http://ejournal.ukm.my/juum
_version_ 1643735118027685888
score 13.211869

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