Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman

The enactment of Islamic Banking Act (IBA) 1983, considered the first Act of Parliament has been legislated specifically to govern Islamic banking business. Following to the introduction of the IBA, the Malaysian government has enacted new laws such as the Government Investment Act (GIA) and Takaful...

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Main Author:	Osman, Muhamad Rahimi
Format:	Article
Language:	English
Published:	UPENA 2006
Subjects:	Malaysia
Online Access:	http://ir.uitm.edu.my/id/eprint/11540/ http://ir.uitm.edu.my/id/eprint/11540/1/AJ_MUHAMAD%20RAHIMI%20OSMAN%20CITU%2006.pdf

id	uitm-11540
recordtype	eprints
spelling	uitm-115402016-08-18T07:16:16Z http://ir.uitm.edu.my/id/eprint/11540/ Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman Osman, Muhamad Rahimi Malaysia Malaysia The enactment of Islamic Banking Act (IBA) 1983, considered the first Act of Parliament has been legislated specifically to govern Islamic banking business. Following to the introduction of the IBA, the Malaysian government has enacted new laws such as the Government Investment Act (GIA) and Takaful Act. It also resulted in the amendment of the existing laws such as Banking and Financial Institutions Act (BAFIA), Central Bank of Malaysia Act, Stamp Act, etc. The purpose of this paper is to examine the development of the legal framework for the Malaysian Islamic banking system. In doing so, this paper analyses the statutes which govern Islamic banking system. These statutes could be divided into two parts; firstly the statutes which enacted to govern Islamic banks and secondly the existing statutes which have been amended to accommodate and to facilitate the practice of the Islamic banking system. Since the Shari 'ah Advisory Council plays a crucial role to ensure the Islamic banks comply strictly with the Shari 'ah principles, the final part of this paper will also examines the status and function of the SAC in the Islamic banking industry. UPENA 2006 Article PeerReviewed text en http://ir.uitm.edu.my/id/eprint/11540/1/AJ_MUHAMAD%20RAHIMI%20OSMAN%20CITU%2006.pdf Osman, Muhamad Rahimi (2006) Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman. Jurnal CITU, 2 (1). pp. 179-202. ISSN 1823-6146
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Teknologi MARA
building	UiTM Institutional Repository
collection	Online Access
language	English
topic	Malaysia Malaysia
spellingShingle	Malaysia Malaysia Osman, Muhamad Rahimi Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman
description	The enactment of Islamic Banking Act (IBA) 1983, considered the first Act of Parliament has been legislated specifically to govern Islamic banking business. Following to the introduction of the IBA, the Malaysian government has enacted new laws such as the Government Investment Act (GIA) and Takaful Act. It also resulted in the amendment of the existing laws such as Banking and Financial Institutions Act (BAFIA), Central Bank of Malaysia Act, Stamp Act, etc. The purpose of this paper is to examine the development of the legal framework for the Malaysian Islamic banking system. In doing so, this paper analyses the statutes which govern Islamic banking system. These statutes could be divided into two parts; firstly the statutes which enacted to govern Islamic banks and secondly the existing statutes which have been amended to accommodate and to facilitate the practice of the Islamic banking system. Since the Shari 'ah Advisory Council plays a crucial role to ensure the Islamic banks comply strictly with the Shari 'ah principles, the final part of this paper will also examines the status and function of the SAC in the Islamic banking industry.
format	Article
author	Osman, Muhamad Rahimi
author_facet	Osman, Muhamad Rahimi
author_sort	Osman, Muhamad Rahimi
title	Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman
title_short	Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman
title_full	Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman
title_fullStr	Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman
title_full_unstemmed	Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman
title_sort	development of the legal and regulatory framework for the islamic banking system in malaysia / muhamad rahimi osman
publisher	UPENA
publishDate	2006
url	http://ir.uitm.edu.my/id/eprint/11540/ http://ir.uitm.edu.my/id/eprint/11540/1/AJ_MUHAMAD%20RAHIMI%20OSMAN%20CITU%2006.pdf
first_indexed	2023-09-18T22:48:08Z
last_indexed	2023-09-18T22:48:08Z
_version_	1777417362765512704

Development of the legal and regulatory framework for the Islamic banking system in Malaysia / Muhamad Rahimi Osman

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