The role of Central Bank of Malaysia in positioning Malaysia as a global hub for Islamic finance / Mohd Nazri Mohd Noor
This study examined the roles of the Central Bank of Malaysia in positioning Malaysia as a global hub for Islamic finance. In investigating the roles, the meaning of the Islamic finance global hub was described and the development of a financial system until the formation of a global financial hub w...
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| Format: | Thesis |
| Published: |
2016
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| Online Access: | http://studentsrepo.um.edu.my/6453/1/nazri.pdf http://studentsrepo.um.edu.my/6453/ |
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| Institution: | Universiti Malaya |
| Summary: | This study examined the roles of the Central Bank of Malaysia in positioning Malaysia as a global hub for Islamic finance. In investigating the roles, the meaning of the Islamic finance global hub was described and the development of a financial system until the formation of a global financial hub was examined. A study was conducted to determine the measures taken by the Central Bank of Malaysia as the sole financial regulator in strategizing plans and directions towards positioning Malaysia as an Islamic finance global hub. The findings show that among the measures taken include the drafting of the Financial Sector Master Plan, which aims to position Malaysia as a global Islamic financial center beginning from 2001 until the end of 2010. The second stage of the plan was designed from 2010 until 2020. The plan clearly defines the direction for Malaysia to emerge as a global Islamic financial hub. To further support this research, several interviews were conducted among a number of high-level representatives from the Department of Islamic Banking, Takaful of the Central Bank of Malaysia and the Islamic Financial Services Board and Islamic finance scholars. The purpose of the interview was to get clarification on the roles of the Central Bank of Malaysia in positioning Malaysia as an Islamic finance global hub. In addition, several questions regarding the positive and negative impacts from this policy were also raised. This study also applied a survey method in order to get respondents‘ view pertaining to the proposal of Islamic finance global hub index. Based on the findings of the study, some suggestions are presented which include proposals to develop a method to assess a global Islamic financial hub. This method is expected to serve as a guideline in evaluating a global Islamic financial center. |
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