MALAYSIA IS THE FLAGSHIP OF ISLAMIC FINANCE
https://doi.org/10.26794/2587-5671-2016-20-4-118-129
Abstract
The article sketches the history of the Malaysian financial system which is a unique two-component system combining conventional and Islamic financial institutions in the banking, insurance and stock market areas. Malaysia was the first state to adopt in 1983 the law “On Islamic Finance”, which allowed in a short time to create a complete financial system based on fair competition and interconnection of two financial models: the traditional loan model and the Islamic model. The author shows an important role of government bodies (in particular, of the Central Bank and the Securities Commission of Malaysia) in the establishment, management and development of the Islamic financial sector and monitoring the integrity of the entire financial system. The author briefly describes characteristics of Islamic finance and Islamic finance products. Currently, Malaysia is an acknowledged leader in Islamic finance, it occupies the first places in terms of number of operations on the Islamic capital markets, in the banking and insurance areas and it continues to set ambitious goals and achieve them; it shows to other states how function the two-component financial system.
About the Author
I. A. Zaripov
the Russian Association of experts on Islamic finance
Russian Federation
Russian Federation
References
1. Малайзия - информация о стране. [Электронный ресурс] URL: http://www.inasto.ru/malaysia (дата обращения: 11.01.2016)
2. Population, Household and Living Quarters. Department of Statistics, Malaysia. Available at: http://www.statistics.gov.my (Accessed 22 February 2016).
3. Imran Imtiaz Shah Yacob. Doing the Impossible: Quitting Islam in Malaysia. Asia Sentinel. 27 of April, 2014. Available at: http:// www.asiasentinel.com (Accessed 30 Decembre 2015).
4. CIA World Factbook, 2015. Available at: http://www.cia.org (Accessed 30 Decembre 2015).
5. International Centre for Education for Islamic Finance (INCEIF). Available at: http://www.inceif.org. (Accessed 3 March 2016).
6. Bank Negara Malaysia. Available at: http://www.bnm.gov.my; Securities Commission Malaysia. Available at: http://www.sc.com.my (Accessed 3 March 2016).
7. Журавлев А. Ю. Исламские финансы: Россия и другие // Банки и деловой мир. 2014. № 11. C. 102-106
8. Ишматов Р. Исламские финансы в РФ. Развитие и перспективы // Международный бухгалтерский учeт. 2011. № 23 (173). C. 55-60
9. Principles of Responsible Investment - UNRPRI. Available at: http://www.un.org (Accessed 3 March 2016).
10. Islamic Finance Prospects and Challenges. MIFC, Kuala Lumpur. 28.08.2015. 128 p.
11. Журавлев А. Ю. Исламские финансы и их перспективы: Один источник и три составные части исламской финансовой системы: банкинг, инвестиционные фонды и сукук // Вестник НАУФОР. 2008. № 9. С. 28-39
12. IFSB Stability Report. IFSB. Kuala Lumpur. 2015. 288 p.
13. Securities Commission of Malaysia. Available at: www.sc.com.my (Accessed 3 March 2016).
14. Islamic Finance Prospects and Challenges. Op. cit., p. 98.
15. National corporation of real estate of Malaysia. Available at: http://www.cagamas.com.my (Accessed 3 March 2016).
16. International Islamic Financial Market. Available at: http://www.iifm.net (Accessed 3 March 2016).
17. Malaysia launching Islamic PRS. Reuters, 2.08.2012. Available at: http://www.reuters.com (Accessed 3 March 2016).
18. Islamic Funds Industry: 2015. Review& Outlook. MIFC. KL. 2015.
19. The Malaysian Insider. KL. Jan 2016. Available at: http://www.themalaysianinsider.com/bahasa/article/nik-aziz-20000-peniagaseluruh-negara-sedia-guna-dinar (Accessed 29 January 2016).
20. Zeti: IAP likely to have strong impact on financial intermediation. February 17, 2016. Available at: http://m.themalaymailonline.com/malaysia/article/zeti-iap-likely-to-have-strong-impact-on-financial-intermediation#sthash.E8NXpeW1.dpu (Accessed 3 March 2016).
21. Malaysia plans ethical sukuk guidelines as sector expands. KL. March 12, 2015. Available at: http://m.themalaymailonline.com/money/article/malaysia-plans-ethical-sukuk-guidelines-as-sector-expands#sthash.jYG7Oa8J.dpuf (Accessed 3 March 2016).
Review
For citations:
Zaripov I.A. MALAYSIA IS THE FLAGSHIP OF ISLAMIC FINANCE. Finance: Theory and Practice. 2016;20(4):118-129. (In Russ.) https://doi.org/10.26794/2587-5671-2016-20-4-118-129
Views:
838
Email this article 