Overview of Legal and Regulatory Framework of Islamic Finance
Overview of Legal and Regulatory Framework of Islamic Finance
Overview of Legal and Regulatory Framework of Islamic Finance
ISLAMIC FINANCIAL
LEGAL FRAMEWORK
Chapter
2
IFSB
IIRA
IILM
2
MALAYSIAN FINANCIAL SYSTEM :
CBMA (2009)
COVENTIONAL FINANCIAL
SYSTEM
ISLAMIC FINANCIAL SYSTEM :
•BAFIA 1989 •IBA 1983
Legal •Insurance Act 1996 •Takaful Act 1984
Governance •Government Funding Act
•Loan Local Act 1959
2005
•Treasury Bills Local Act •Capital Market & services
1946 Act 2007
•Capital Market & •CBA 2009 : stipulates that the courts
and arbitrators shall refer to the NSAC on
Services Act 2007 matters pertaining to shariah+ +SAC
decisions shall be bnding on them.
Financial Institution
6
2.2 The Importance of Legal
Framework
The purpose of regulatory framework in Islamic
Finance:
8
2.4.1 Accounting and Auditing
Organization For IFIs (AAOIFI).
page 44.
9
2.4.2 International Islamic Financial
Market (IIFM)
Please refer to :
51-52.
Islamic Securities (Sukuk) Market- Lexis-Nexis
pages 45-46.
10
2.4.3 Islamic Financial Services Board
(IFSB)
Please refer to :
Please refer to :
pages 45-46.
12
2.4.5 International Islamic liquidity
management Corporation ( IILM).
Please refer to :
13