LAW AND PRACTICE OF ISLAMIC BANKING AND FINANCE

• Main Authors: Nik Norzrul Thani Dr (Author), Mohamed Ridza Mohamed Abdullah (Author), Megat Hizaini Hassan (Author)
• Format: Book
• Language: English
• Published: Petaling Jaya, Selangor Sweet & Maxwell Asia 2003
• Subjects: Finance > Law and legislation > Malaysia; Banks and banking > Religious aspects > Islam; Banking law (Islamic law) > Law and legislation > Malaysia
• Online Access: Click Here to View Status and Holdings.

 Malaysia, the establishment of an Islamic Bank in 1983 was an answer to the aspirations of a large number of Muslims who had been continually asking the government to set up a bank that will carry out banking business guided by the principles of Islam. Although Muslims comprise more than half of Malaysia's population, their share of the nation's business is disproportionately small and the amount of economic activity based on Islamic tenets was previously negligible. The modern sector of the economy is dominated by conventional economic principles, to some extent a legacy of Malaysia's western colonial experience. It is thus fortunate that in Malaysia, the powers that be has done much to develop an Islamic financial system in the capital markets as well as in banking. No doubt the public perception of an Islamic financial system had been uncertain, but as the system became increasingly popular over the years, one can see more conventional financial institutions that are providing Islamic financial services.