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: | , |
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| Format: | Article |
| Published: |
Fakulti Undang - Undang
2009
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| Online Access: | http://journalarticle.ukm.my/1697/ http://ejournal.ukm.my/juum |
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| Institution: | Universiti Kebangsaan Malaysia |
| Summary: | 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’ |
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