Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah

Riba is haram in Islam. In the past, conventional banks use riba as a mechanism to charge borrowers. This is a great problem for Muslims throughout the world. However, in Malaysia, the Pilgrimage Management and Fund Board was established in 1962to collect money from Muslims to finance their trip to...

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Main Authors:	Abdullah @ Chuah Hock Leng, Osman, Sayadat, Muhammad Nazmus
Format:	Conference or Workshop Item
Language:	English English
Published:	2015
Subjects:	HB Economic Theory HG1501 Banking
Online Access:	http://irep.iium.edu.my/43316/ http://irep.iium.edu.my/43316/ http://irep.iium.edu.my/43316/1/history_of_banking_in_malaysia...proofread.pdf http://irep.iium.edu.my/43316/2/Paper_Presentation_Schedule.pdf

id	iium-43316
recordtype	eprints
spelling	iium-433162018-12-17T08:26:07Z http://irep.iium.edu.my/43316/ Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah Abdullah @ Chuah Hock Leng, Osman Sayadat, Muhammad Nazmus HB Economic Theory HG1501 Banking Riba is haram in Islam. In the past, conventional banks use riba as a mechanism to charge borrowers. This is a great problem for Muslims throughout the world. However, in Malaysia, the Pilgrimage Management and Fund Board was established in 1962to collect money from Muslims to finance their trip to Makkah to perform al-haj. In 1983, in addition to the collection of funds from Muslims for the trip to Makkah, Islamic banks implementing finance in all services similar to conventional banks were set up. After more than three decades, with Islamic banks making good profit nearly every year, all conventional banks in Malaysia are emulating Bank Islam Malaysia Berhad to set up Islamic banks with no riba in their banking services. The Islamic banks now offer services that comply with the rules and regulations of Islam. Thus, the purpose of this paper is to evaluate the challenges faced by Islamic banks in Malaysia and their solutions for the benefit of the Ummah. This paper also identifies the issues and makes recommendations for these Islamic banks. 2015-05-29 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/43316/1/history_of_banking_in_malaysia...proofread.pdf application/pdf en http://irep.iium.edu.my/43316/2/Paper_Presentation_Schedule.pdf Abdullah @ Chuah Hock Leng, Osman and Sayadat, Muhammad Nazmus (2015) Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah. In: The 2nd International Conference on Islam, Economic, Banking, Social Science, Communication and Education (IEBBSSCE2-2015), 29-30th May, 2015, Hotel Millennium Sirih, Jakarta, Indonesia. (Unpublished) http://iebbssce2-2015.com/program/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HB Economic Theory HG1501 Banking
spellingShingle	HB Economic Theory HG1501 Banking Abdullah @ Chuah Hock Leng, Osman Sayadat, Muhammad Nazmus Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah
description	Riba is haram in Islam. In the past, conventional banks use riba as a mechanism to charge borrowers. This is a great problem for Muslims throughout the world. However, in Malaysia, the Pilgrimage Management and Fund Board was established in 1962to collect money from Muslims to finance their trip to Makkah to perform al-haj. In 1983, in addition to the collection of funds from Muslims for the trip to Makkah, Islamic banks implementing finance in all services similar to conventional banks were set up. After more than three decades, with Islamic banks making good profit nearly every year, all conventional banks in Malaysia are emulating Bank Islam Malaysia Berhad to set up Islamic banks with no riba in their banking services. The Islamic banks now offer services that comply with the rules and regulations of Islam. Thus, the purpose of this paper is to evaluate the challenges faced by Islamic banks in Malaysia and their solutions for the benefit of the Ummah. This paper also identifies the issues and makes recommendations for these Islamic banks.
format	Conference or Workshop Item
author	Abdullah @ Chuah Hock Leng, Osman Sayadat, Muhammad Nazmus
author_facet	Abdullah @ Chuah Hock Leng, Osman Sayadat, Muhammad Nazmus
author_sort	Abdullah @ Chuah Hock Leng, Osman
title	Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah
title_short	Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah
title_full	Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah
title_fullStr	Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah
title_full_unstemmed	Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah
title_sort	islamic banking and finance in malaysia: an evaluation from the perspective of maqasid al-shari`ah
publishDate	2015
url	http://irep.iium.edu.my/43316/ http://irep.iium.edu.my/43316/ http://irep.iium.edu.my/43316/1/history_of_banking_in_malaysia...proofread.pdf http://irep.iium.edu.my/43316/2/Paper_Presentation_Schedule.pdf
first_indexed	2023-09-18T21:01:43Z
last_indexed	2023-09-18T21:01:43Z
_version_	1777410667886673920

Islamic banking and finance in Malaysia: an evaluation from the perspective of Maqasid al-Shari`ah

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