The Legal Framework of Islamic Banking and Finance in Malaysia and Iran PDF Download
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Author: Mohamed Adil
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The legal framework of the Islamic banking and finance in Malaysia is subject to the Civil law. Since the Federal Constitution has clearly provided that matters pertaining to banking and finance including the Islamic ones lie strictly at the Civil Court, the Shari'a Court has been ousted from hearing the matters. The Ninth Schedule, Item 1, List II - State List of the Federal Constitution has narrowed the jurisdiction of the Shari'a Court to Muslims only. It is further tapered that only Islamic personal laws and certain Islamic criminal laws are given to the Shari'a court. Hence, all cases involving Islamic banking and finance are heard before a Civil judge.On the other hand, all Islamic banking and financial systems in Iran are subject to Islamic law. Unlike in Malaysia, the single legal system in Iran has made it simpler and easier. No conflict of law has taken place.This paper attempts to analyse the legal framework of both countries by focusing on the interpretations of reported cases. It recommends that certain amendment of laws including the one in the Federal Constitution should be made. As for Iran, banks and financial institutions are not required to establish Shari'a Council. Furthermore, despite the fact that the Shari'a Council of Iran's Central Bank is the supreme for Shari'a references in Islamic banking, it does not have legal status. Hence, the Council has only the advisory power. Indeed, there are no laws and regulations in relation to the Shari'a supervision.
Author: Mohamed Adil
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The legal framework of the Islamic banking and finance in Malaysia is subject to the Civil law. Since the Federal Constitution has clearly provided that matters pertaining to banking and finance including the Islamic ones lie strictly at the Civil Court, the Shari'a Court has been ousted from hearing the matters. The Ninth Schedule, Item 1, List II - State List of the Federal Constitution has narrowed the jurisdiction of the Shari'a Court to Muslims only. It is further tapered that only Islamic personal laws and certain Islamic criminal laws are given to the Shari'a court. Hence, all cases involving Islamic banking and finance are heard before a Civil judge.On the other hand, all Islamic banking and financial systems in Iran are subject to Islamic law. Unlike in Malaysia, the single legal system in Iran has made it simpler and easier. No conflict of law has taken place.This paper attempts to analyse the legal framework of both countries by focusing on the interpretations of reported cases. It recommends that certain amendment of laws including the one in the Federal Constitution should be made. As for Iran, banks and financial institutions are not required to establish Shari'a Council. Furthermore, despite the fact that the Shari'a Council of Iran's Central Bank is the supreme for Shari'a references in Islamic banking, it does not have legal status. Hence, the Council has only the advisory power. Indeed, there are no laws and regulations in relation to the Shari'a supervision.
Author: Asmadi Mohamed Naim
Publisher: UUM Press
ISBN: 9672210922
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
The book provides comprehensive compilation on Islamic legal documents related to Islamic financial system consists of legal statutes, frameworks, guidelines, circulars and internal compliant manual covering Islamic banking, takaful and Islamic capital markets. Brief description of those documents are laid down to assist non-legal background readers in having comprehensive view of Islamic finance legal system. Few special focuses are done to Shariah screening methodologies for stocks, Islamic fund and real estate with special review on few sukuk issuances as to familiarize reader with the principle terms and conditions (PTC) of the sukuk. Islamic finance is not just a system but it is a way to achieve the spirit of Shariah i.e. maqasid Shariah in providing prosperity to the society in blessing ways avoiding all prohibited elements as stated in Islamic law.
Author: Angelo M. Venardos
Publisher: World Scientific
ISBN: 9812568883
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
To truly understand the current interest in the development of Islamic banking and finance in South-East Asia and how it is different from the conventional banking system, one must first understand the religious relationship originating from the Qur'an, and then trace the historical geographic and political developments of Islam over recent centuries. Only on this basis can the reader, without prejudice or cynicism, begin to appreciate Shari'ah law and Islamic jurisprudence. With this platform established in the first part of the book, readers are invited to learn about the financial products and services offered, understand the challenges in their development, and ultimately recognize the significant opportunities that Islamic banking and finance can provide both Muslims and non-Muslims.This second edition contains updates of statistics and dates with regards to the development of Islamic banking in Malaysia, Singapore, Indonesia and Brunei. In particular, the chapter on Singapore details significant developments such as the direction which major banks are taking towards Islamic banking and the increase in Islamic banking products being offered.Although written by a non-Muslim author, this highly-regarded book is being translated into Arabic by a leading Islamic university in the Middle East.
Author: Mr.In Song
Publisher: International Monetary Fund
ISBN: 1498319270
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.
Author: Mr.Mumtaz Hussain
Publisher: International Monetary Fund
ISBN: 1513565621
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.
Author: Mervyn K Lewis
Publisher: Edward Elgar Publishing
ISBN: 1783476133
Category : Business & Economics
Languages : en
Pages : 335
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Book Description
The expert contributors examine why an ethical foundation is important and why the system requires well-thought-out regulations to ensure outcomes that protect the community�s well-being. The volume explores in detail the nature of Islamic banking prod
Author:
Publisher: Emerald Group Publishing
ISBN: 1783508183
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
This volume highlights a vital developmental stage of Islamic Banking and Finance, focusing on regulatory aspects, regional case studies and International Financial Crisis impacts. It aims to help decision makers identify key factors for the real, sustained development of the Islamic Banking System, nationally, regionally and internationally.
Author: Chibli Mallat
Publisher: Springer
ISBN:
Category : History
Languages : en
Pages : 224
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Book Description
A collection of papers analyzing the various attempts to establish a system of Islamic law and finance. It investigates the modes of operation of institutions adopting the Islamic system, drawing on examples such as Malaysia, Iran, Pakistan and Egypt. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Abdul Karim Aldohni
Publisher: Routledge
ISBN: 1136703152
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
During the last ten years the Islamic banking sector has grown rapidly, at an international level, as well as in individual jurisdictions including the UK. Islamic finance differs quite substantially from conventional banking, using very different mechanisms, and operating according to a different theory as it is based on Islamic law. Yet at the same time it is always subject to the law of the particular financial market in which it operates. This book takes a much-needed and comprehensive look at the legal and regulatory aspects which affect Islamic finance law, and examines the current UK and international banking regulatory frameworks which impact on this sector. The book examines the historical genesis of Islamic banking, looking at how it has developed in Muslim countries before going on to consider the development of Islamic banking in the UK and the legal position of Islamic banks within English law. The book explores company, contract, and some elements of tax law and traces the impact it has had on the development of Islamic banking in the UK, before going on to argue that the current legal and regulatory framework which affects the Islamic banking sector has on certain occasions had an unintended adverse impact on Islamic banking in the UK. The book also provides an overview of the Malaysian experience in relation to some of the main legal and regulatory challenges in the context of Islamic banking and finance.
Author: Sayed Hassan Amin
Publisher: Royston Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 92
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Book Description
