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A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars

The Islamic banking and finance industry has gained popularity all over the world.Within this context, the development of the industry could very well owe to the constitutional legal framework governing the specified jurisdiction. Such framework includes the ruling authority, the governmental fun...

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Main Authors: Md Nor, Mohd Zakhiri, Mohamad, Ani Munirah
Format: Conference or Workshop Item
Language:English
Published: 2015
Subjects:
HG Finance
K Law (General)
Online Access:http://repo.uum.edu.my/17205/1/6.pdf
http://repo.uum.edu.my/17205/
http://www.aabl.com.au/sydney-conference/
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spelling my.uum.repo.172052016-02-23T07:22:09Z http://repo.uum.edu.my/17205/ A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars Md Nor, Mohd Zakhiri Mohamad, Ani Munirah HG Finance K Law (General) The Islamic banking and finance industry has gained popularity all over the world.Within this context, the development of the industry could very well owe to the constitutional legal framework governing the specified jurisdiction. Such framework includes the ruling authority, the governmental functionaries, the Shariah supervisory bodies, the fatwa issuing bodies as well as the judiciary.This paper aims to highlight the background of the recent Islamic Financial Services Act 2013.The analysis is tackled along the lines of the background and the constitutional frameworks of the country, the initiatives introduced by the government for the development of Shariah compliance within the Islamic banking and finance fraternity, as well as the relevant organs in carrying out the audit exercises over the Islamic banks and financial institutions in Malaysia.The paper attempts to elucidate the experience of bankers and Shariah practitioners in implementing the Islamic Financial Services Act 2013.The paper concludes by suggesting that the areas in the constitutional legal framework of the contemporary Islamic finance in Malaysia support the development of the Islamic banking and finance fraternity as with the Shariah compliance of the same.This is essentially so that Malaysia seeks to become the world's hub for promoting and carrying out of Shariah compliant products. 2015-04-17 Conference or Workshop Item NonPeerReviewed application/pdf en http://repo.uum.edu.my/17205/1/6.pdf Md Nor, Mohd Zakhiri and Mohamad, Ani Munirah (2015) A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars. In: Sydney International Business Research Conference 2015, 17th to 19th April 2015, Sdyney, Australia. (Unpublished) http://www.aabl.com.au/sydney-conference/
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutionali Repository
url_provider http://repo.uum.edu.my/
language English
topic HG Finance
K Law (General)
spellingShingle HG Finance
K Law (General)
Md Nor, Mohd Zakhiri
Mohamad, Ani Munirah
A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars
description The Islamic banking and finance industry has gained popularity all over the world.Within this context, the development of the industry could very well owe to the constitutional legal framework governing the specified jurisdiction. Such framework includes the ruling authority, the governmental functionaries, the Shariah supervisory bodies, the fatwa issuing bodies as well as the judiciary.This paper aims to highlight the background of the recent Islamic Financial Services Act 2013.The analysis is tackled along the lines of the background and the constitutional frameworks of the country, the initiatives introduced by the government for the development of Shariah compliance within the Islamic banking and finance fraternity, as well as the relevant organs in carrying out the audit exercises over the Islamic banks and financial institutions in Malaysia.The paper attempts to elucidate the experience of bankers and Shariah practitioners in implementing the Islamic Financial Services Act 2013.The paper concludes by suggesting that the areas in the constitutional legal framework of the contemporary Islamic finance in Malaysia support the development of the Islamic banking and finance fraternity as with the Shariah compliance of the same.This is essentially so that Malaysia seeks to become the world's hub for promoting and carrying out of Shariah compliant products.
format Conference or Workshop Item
author Md Nor, Mohd Zakhiri
Mohamad, Ani Munirah
author_facet Md Nor, Mohd Zakhiri
Mohamad, Ani Munirah
author_sort Md Nor, Mohd Zakhiri
title A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars
title_short A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars
title_full A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars
title_fullStr A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars
title_full_unstemmed A critical analysis on the practices and implementation of the Islamic Financial Services Act 2013 in Malaysia: Some observations from bankers and shariah scholars
title_sort critical analysis on the practices and implementation of the islamic financial services act 2013 in malaysia: some observations from bankers and shariah scholars
publishDate 2015
url http://repo.uum.edu.my/17205/1/6.pdf
http://repo.uum.edu.my/17205/
http://www.aabl.com.au/sydney-conference/
_version_ 1644282162384470016
score 13.211869

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