Thani, Nik Norzrul; Ibrahim, Ili Rahilah --- "The development of Islamic banking and finance: the Malaysian experience" [2020] ELECD 225; in Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan (eds), "Research Handbook on Asian Financial Law" (Edward Elgar Publishing, 2020) 368

Book Title: Research Handbook on Asian Financial Law

Editor(s): Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan

Publisher: Edward Elgar Publishing

Section: Chapter 19

Section Title: The development of Islamic banking and finance: the Malaysian experience

Author(s): Thani, Nik Norzrul; Ibrahim, Ili Rahilah

Number of pages: 19

Abstract/Description:

Malaysia is at the forefront of Islamic banking and finance, boasting the largest number of Islamic banks of any jurisdiction, a sophisticated Islamic capital market and an advance legal and regulatory framework. This chapter explores Malaysia’s development, tracing its historical roots from the inception of Islamic banking and finance through to the current state of the market and its regulation. The primary focus of the chapter is to provide an examination of the legal and regulatory framework of Islamic banking and finance in Malaysia focusing on laws and regulations and the roles of the supervising authorities. This analysis is built around the evolution of Islamic banking and finance products and the key growth factors driving Malaysia’s market. The chapter provides an insight to Malaysia’s experience and serves as a model for Islamic banking and finance in other countries.