Islamic capital market In Maldives: a reform-oriented analysis

This study analyses legal and regulatory framework of Islamic capital market (ICM) in the Maldives to find out the legal reform required to further develop ICM in the country. The regulatory authority for ICM in the Maldives is the Capital Market Development Authority which has set up an apex Shari’...

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Main Authors: Shujau, Mohamed, Hassan, Rusni, Mohd Yusoff, Syarah Syahira, Muneeza, Aishath
Format: Article
Language:English
Published: IIUM Press 2022
Subjects:
Online Access:http://irep.iium.edu.my/101265/7/101265_Islamic%20capital%20market%20In%20Maldives.pdf
http://irep.iium.edu.my/101265/
https://journals.iium.edu.my/iiumlj/index.php/iiumlj/article/download/772/370/2830
https://doi.org/10.31436/iiumlj.v30iS2.772
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Institution: Universiti Islam Antarabangsa Malaysia
Language: English
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spelling my.iium.irep.1012652022-11-14T07:08:05Z http://irep.iium.edu.my/101265/ Islamic capital market In Maldives: a reform-oriented analysis Shujau, Mohamed Hassan, Rusni Mohd Yusoff, Syarah Syahira Muneeza, Aishath HG3368 Islamic Banking and Finance This study analyses legal and regulatory framework of Islamic capital market (ICM) in the Maldives to find out the legal reform required to further develop ICM in the country. The regulatory authority for ICM in the Maldives is the Capital Market Development Authority which has set up an apex Shari’ah Advisory Council to seek advice on Shari’ah related matters and has enacted the regulations required for ICM. This study adopts doctrinal legal research and qualitative study using the content analysis approach. It is imperative to note that only limited research has been found on the subject and as such, it is anticipated that findings of this research will assist the policymakers to understand the legal reform required to further strengthen ICM in the Maldives. Findings of this study reveal that there is a need to amend the Securities Act (2006) to recognize Shari’ah Advisory Council for capital markets as a statutory body. The findings suggest the Shari’ah Advisory Council to make their decision binding, and the regulations enacted for ICM need to be amended considering the existing hiccups and challenges faced. IIUM Press 2022-11-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/101265/7/101265_Islamic%20capital%20market%20In%20Maldives.pdf Shujau, Mohamed and Hassan, Rusni and Mohd Yusoff, Syarah Syahira and Muneeza, Aishath (2022) Islamic capital market In Maldives: a reform-oriented analysis. IIUM Law Journal, 30 (S2). pp. 359-384. ISSN 0128-2530 E-ISSN 2289-7852 https://journals.iium.edu.my/iiumlj/index.php/iiumlj/article/download/772/370/2830 https://doi.org/10.31436/iiumlj.v30iS2.772
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HG3368 Islamic Banking and Finance
spellingShingle HG3368 Islamic Banking and Finance
Shujau, Mohamed
Hassan, Rusni
Mohd Yusoff, Syarah Syahira
Muneeza, Aishath
Islamic capital market In Maldives: a reform-oriented analysis
description This study analyses legal and regulatory framework of Islamic capital market (ICM) in the Maldives to find out the legal reform required to further develop ICM in the country. The regulatory authority for ICM in the Maldives is the Capital Market Development Authority which has set up an apex Shari’ah Advisory Council to seek advice on Shari’ah related matters and has enacted the regulations required for ICM. This study adopts doctrinal legal research and qualitative study using the content analysis approach. It is imperative to note that only limited research has been found on the subject and as such, it is anticipated that findings of this research will assist the policymakers to understand the legal reform required to further strengthen ICM in the Maldives. Findings of this study reveal that there is a need to amend the Securities Act (2006) to recognize Shari’ah Advisory Council for capital markets as a statutory body. The findings suggest the Shari’ah Advisory Council to make their decision binding, and the regulations enacted for ICM need to be amended considering the existing hiccups and challenges faced.
format Article
author Shujau, Mohamed
Hassan, Rusni
Mohd Yusoff, Syarah Syahira
Muneeza, Aishath
author_facet Shujau, Mohamed
Hassan, Rusni
Mohd Yusoff, Syarah Syahira
Muneeza, Aishath
author_sort Shujau, Mohamed
title Islamic capital market In Maldives: a reform-oriented analysis
title_short Islamic capital market In Maldives: a reform-oriented analysis
title_full Islamic capital market In Maldives: a reform-oriented analysis
title_fullStr Islamic capital market In Maldives: a reform-oriented analysis
title_full_unstemmed Islamic capital market In Maldives: a reform-oriented analysis
title_sort islamic capital market in maldives: a reform-oriented analysis
publisher IIUM Press
publishDate 2022
url http://irep.iium.edu.my/101265/7/101265_Islamic%20capital%20market%20In%20Maldives.pdf
http://irep.iium.edu.my/101265/
https://journals.iium.edu.my/iiumlj/index.php/iiumlj/article/download/772/370/2830
https://doi.org/10.31436/iiumlj.v30iS2.772
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