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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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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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 |
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HG3368 Islamic Banking and Finance Shujau, Mohamed Hassan, Rusni Mohd Yusoff, Syarah Syahira Muneeza, Aishath Islamic capital market In Maldives: a reform-oriented analysis |
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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 |
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IIUM Press |
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2022 |
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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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