Issues and challenges facing Islamic financial institutions in Malaysia

The issue of riba or usury has long been a problem for Muslims. The establishment of Islamic financial institutions is a major step in addressing this predicament, as Islamic finance has been characterized as a body to remove exploitation and injustice. The concepts of Islamic finance were initiall...

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Main Authors:	Ishak, Mohd. Shuhaimi, Abdullah @ Chuah Hock Leng, Osman, Abdul Razak, Dzuljastri
Format:	Article
Language:	English
Published:	UPM Press 2013
Subjects:	HG Finance
Online Access:	http://irep.iium.edu.my/25970/ http://irep.iium.edu.my/25970/ http://irep.iium.edu.my/25970/6/Issues_and_Challenges_Drsuhaimi.pdf

id	iium-25970
recordtype	eprints
spelling	iium-259702014-11-10T02:32:47Z http://irep.iium.edu.my/25970/ Issues and challenges facing Islamic financial institutions in Malaysia Ishak, Mohd. Shuhaimi Abdullah @ Chuah Hock Leng, Osman Abdul Razak, Dzuljastri HG Finance The issue of riba or usury has long been a problem for Muslims. The establishment of Islamic financial institutions is a major step in addressing this predicament, as Islamic finance has been characterized as a body to remove exploitation and injustice. The concepts of Islamic finance were initially discussed in the mid 1940s; however, further details were only revealed and then practiced in the late 1960s. The Pilgrims Management and Fund Board of Malaysia (TPMFB) established in 1962 was the earliest Islamic financial institution set up to cater for the pilgrims in Malaysia. This was followed by Bank Islam Malaysia Berhad (BIMB) in 1983, which marked the beginning of commercial financial institutions offering Islamic products and services to consumers. This paper evaluates the issues, challenges and prospect of this emerging industry, and ends with suggestions and recommendations on how they can be addressed for Muslims to go forward in the field of financing. UPM Press 2013-06 Article PeerReviewed application/pdf en http://irep.iium.edu.my/25970/6/Issues_and_Challenges_Drsuhaimi.pdf Ishak, Mohd. Shuhaimi and Abdullah @ Chuah Hock Leng, Osman and Abdul Razak, Dzuljastri (2013) Issues and challenges facing Islamic financial institutions in Malaysia. Pertanika Journal of Social Science & Humanities, 21 (3). pp. 965-977. ISSN 0128-7702 http://www.pertanika2.upm.edu.my/Pertanika%20PAPERS/JSSH%20Vol.%2021%20(3)%20Sep.%202013/08%20Page%20965-978.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance
spellingShingle	HG Finance Ishak, Mohd. Shuhaimi Abdullah @ Chuah Hock Leng, Osman Abdul Razak, Dzuljastri Issues and challenges facing Islamic financial institutions in Malaysia
description	The issue of riba or usury has long been a problem for Muslims. The establishment of Islamic financial institutions is a major step in addressing this predicament, as Islamic finance has been characterized as a body to remove exploitation and injustice. The concepts of Islamic finance were initially discussed in the mid 1940s; however, further details were only revealed and then practiced in the late 1960s. The Pilgrims Management and Fund Board of Malaysia (TPMFB) established in 1962 was the earliest Islamic financial institution set up to cater for the pilgrims in Malaysia. This was followed by Bank Islam Malaysia Berhad (BIMB) in 1983, which marked the beginning of commercial financial institutions offering Islamic products and services to consumers. This paper evaluates the issues, challenges and prospect of this emerging industry, and ends with suggestions and recommendations on how they can be addressed for Muslims to go forward in the field of financing.
format	Article
author	Ishak, Mohd. Shuhaimi Abdullah @ Chuah Hock Leng, Osman Abdul Razak, Dzuljastri
author_facet	Ishak, Mohd. Shuhaimi Abdullah @ Chuah Hock Leng, Osman Abdul Razak, Dzuljastri
author_sort	Ishak, Mohd. Shuhaimi
title	Issues and challenges facing Islamic financial institutions in Malaysia
title_short	Issues and challenges facing Islamic financial institutions in Malaysia
title_full	Issues and challenges facing Islamic financial institutions in Malaysia
title_fullStr	Issues and challenges facing Islamic financial institutions in Malaysia
title_full_unstemmed	Issues and challenges facing Islamic financial institutions in Malaysia
title_sort	issues and challenges facing islamic financial institutions in malaysia
publisher	UPM Press
publishDate	2013
url	http://irep.iium.edu.my/25970/ http://irep.iium.edu.my/25970/ http://irep.iium.edu.my/25970/6/Issues_and_Challenges_Drsuhaimi.pdf
first_indexed	2023-09-18T20:38:43Z
last_indexed	2023-09-18T20:38:43Z
_version_	1777409220947214336

Issues and challenges facing Islamic financial institutions in Malaysia

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