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The Islamic Finance Mantra

with 2 comments

I strongly believe in the following pursuits for Effective and Conducive Legal & Shariah Framework of Islamic Finance :

  • Islamic finance may work within the existing regulatory and supervisory regime with appropriate adjustments and safeguards
  • Single or separate legislation is not a pre-requisite for the Framework.
  • An enabler legislation for the Framework which allows for the adoption of relevant conventional and international standards
  • The legal framework comprises the regulatory laws and transaction laws
  • Shariah governance framework at the regulatory and industry levels constitutes the very backbone of what Islamic finance is all about – Shariah compliance

Written by Suapi Shaffaii

July 9, 2008 at 2:06 pm

2 Responses

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  1. I strongly believe that if we had operated on what I understand to be Isalmic principles, we would not be in the current global mess we are today. I write not as a Moslem, but a Chirstian with great respect for Islam and I studied Islamic finance in order to understand how it was possible to operate without usury. The principle appears to be one of shared risk, leading to shared profit or shared loss. I am looking to put some (small) savings into an Islamic Bank as this seems to be a better way of doing things.

    Margaret McDougald

    November 7, 2008 at 7:15 am

  2. I strongly believe the Islamic Banking in Malaysia has two flaws: Islamic Banks behaving exactly as their capitalist counterparts in terms of the outputs generated out of the system, and manipulation of syariah-compliant methodologies in order to maximize their profits. These “so-called” Islamic Banks do not exceed their names in terms of upholding the Word of Allah. These banks have failed to recognize the fact that their operations are realized to serve Allah, not for the purpose of maximizing their profits. This is`the key difference between capitalism and the Islamic commerce. Islamic Banks do not provide sufficient confidence due to their capitalistic demeanor.

    Ismail

    April 28, 2009 at 1:57 pm


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