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INTRODUCTION
Malaysia has a unique legislative framework consisting
of mixed jurisdictions and mixed legal systems namely the common law and shari`ah The growth and development of Islamic banking industry are supported through goods governance and its comprehensive legal frameworks. Since Malaysia is a common law country, it is very essential to have standard law of practice, which harmonizes both shari`ah and civil law. The integration between two traditions is really necessary in the context of Islamic banking in Malaysia.
enacted to provide for the licensing and regulation of Islamic banking business in Malaysia which is banking business whose aims and operation do not involve any elements which is not approved by the religion of Islam. The Islamic Banking Act 1983 is governed by the Central Bank of Malaysia.
is Governed by the Securities Commission Malaysia. The Act incorporates three key legislation on the capital market: o Securities Industry Act 1983, o Futures Industry Act 1993, and o Part IV of the Securities Commission Act 1993. \ These Acts are to regulate and to provide for matters relating to the activities, markets and intermediaries in the capital markets, and for matters consequential and incidental thereto.
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Shari`ah Guidelines
Guidelines on the Governance of Shariah Committee for
the Islamic Banks, known as BNM/GPS1 Shariah Governance Framework for IFIs 2011 Guidelines on the Disclosure of Reports and Financial Statements of Islamic Banks known as BNM/GPS8i Shariah Parameter Reference 1 - Murabahah Concept Paper on Shariah Parameter Reference 4: Musharakah Contract Concept Paper on Shariah Parameter Reference 5: Istisna' Contract
ISLAMIC INVESTMENT
Islamic Worldview of Investment Islam is the ad-din Wealth accumulation is enjoined in Islam Balance between spiritual and worldly obligation Allah is the ultimate owner of wealth and man is only the trustee Man is vicegerent of Allah (khalifatullah) Islam encourages working, smart consumption and investment for future
Islamic teaching
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called the object, and the other the price. The transfer of ownership of property for another. The transfer of ownership of some lawful (mutaqawwim), specific, known property for a fixed price (which may be money or other known property), both counter values are present and can be delivered immediately.
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the seller) Musawamah : Cost plus profit sale (actual cost price and margin of the profit is unknown to the buyer) Wadhiah : Resale at below cost price
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determined and legitimate use (manfa`ah) of a rented corporeal object (`ayn) against a consideration. Shafie defined al-ijarah as a contract where the subject matter is the determined, legitimate, assignable and lawful use of an object against a fixed consideration. The contract to use the usufruct of a permissible thing for a known counter value. A bilateral contract where the use of corporeal object is exchanged for a price.
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A form of partnership when two or more persons combine their capital or entrepreneurship togetherto share the profits and enjoy similar Types of Musyarakah 1. Shirkah Al-Milk (non-contractual partnership) 2. Shirkah Al-Aqd (contractual partnership)
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