Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system

Islamic banking is everywhere in the world today. But Malaysia is still considered as the leader and cranium of Islamic banking as it has succeeded in creating a full fledge Islamic banking system parallel to the existing conventional system irrespective of the challenges it faced. Today, the new...

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Main Authors:	Ibrahim, Uzaimah, Muneeza, Aishath, Hassan, Rusni
Format:	Article
Language:	English
Published:	INSI Publications 2012
Subjects:	BP173.75 Islam and economics HG1501 Banking
Online Access:	http://irep.iium.edu.my/28437/ http://irep.iium.edu.my/28437/1/AJBAS-Conflicts_in_Islamic_Banking.pdf

id	iium-28437
recordtype	eprints
spelling	iium-284372013-02-13T14:14:00Z http://irep.iium.edu.my/28437/ Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system Ibrahim, Uzaimah Muneeza, Aishath Hassan, Rusni BP173.75 Islam and economics HG1501 Banking Islamic banking is everywhere in the world today. But Malaysia is still considered as the leader and cranium of Islamic banking as it has succeeded in creating a full fledge Islamic banking system parallel to the existing conventional system irrespective of the challenges it faced. Today, the new Central Bank of Malaysia Act 2009 has openly declared this reality to the world. Section 27 of the new Central Bank of Malaysia Actstates that Malaysia has dual financial systems that works in parallel that are conventional and Islamic financial system.The adoption of dual banking system is, however been perceived as creating the room for possible legal conflicts. The possible legal conflicts may be due to the fact that the law applicable to Islamic banking is not totally derived from Islamic law and the judiciary system of the country is complex as the court that hears Islamic banking matters are Civil Courts. This paper aims to unravel the reasons or cause of obstaclesin Islamic banking in the Malaysian dual banking structure. This research is novel as few literatures are found on the reason for the cause of conflicts even after the establishing and sustaining Islamic banking in the country for nearly three decades.This is a legal exploratory study primarily focused on library research. INSI Publications 2012-10 Article PeerReviewed application/pdf en http://irep.iium.edu.my/28437/1/AJBAS-Conflicts_in_Islamic_Banking.pdf Ibrahim, Uzaimah and Muneeza, Aishath and Hassan, Rusni (2012) Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system. Australian Journal of Basic and Applied Sciences, 6 (11). pp. 246-251. ISSN 1991-8178
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	BP173.75 Islam and economics HG1501 Banking
spellingShingle	BP173.75 Islam and economics HG1501 Banking Ibrahim, Uzaimah Muneeza, Aishath Hassan, Rusni Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system
description	Islamic banking is everywhere in the world today. But Malaysia is still considered as the leader and cranium of Islamic banking as it has succeeded in creating a full fledge Islamic banking system parallel to the existing conventional system irrespective of the challenges it faced. Today, the new Central Bank of Malaysia Act 2009 has openly declared this reality to the world. Section 27 of the new Central Bank of Malaysia Actstates that Malaysia has dual financial systems that works in parallel that are conventional and Islamic financial system.The adoption of dual banking system is, however been perceived as creating the room for possible legal conflicts. The possible legal conflicts may be due to the fact that the law applicable to Islamic banking is not totally derived from Islamic law and the judiciary system of the country is complex as the court that hears Islamic banking matters are Civil Courts. This paper aims to unravel the reasons or cause of obstaclesin Islamic banking in the Malaysian dual banking structure. This research is novel as few literatures are found on the reason for the cause of conflicts even after the establishing and sustaining Islamic banking in the country for nearly three decades.This is a legal exploratory study primarily focused on library research.
format	Article
author	Ibrahim, Uzaimah Muneeza, Aishath Hassan, Rusni
author_facet	Ibrahim, Uzaimah Muneeza, Aishath Hassan, Rusni
author_sort	Ibrahim, Uzaimah
title	Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system
title_short	Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system
title_full	Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system
title_fullStr	Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system
title_full_unstemmed	Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system
title_sort	conflicts facing islamic banking in malaysia: dual banking system versus dual legal system
publisher	INSI Publications
publishDate	2012
url	http://irep.iium.edu.my/28437/ http://irep.iium.edu.my/28437/1/AJBAS-Conflicts_in_Islamic_Banking.pdf
first_indexed	2023-09-18T20:41:56Z
last_indexed	2023-09-18T20:41:56Z
_version_	1777409423490154496

Conflicts facing Islamic banking in Malaysia: Dual banking system versus dual legal system

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