The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand

Islamic finance offered a viable and moral-ethical alternative when the world economy was suffering from the global financial crises due to high debt-gearing and excessive speculations leading to liquidations and losses. In the casino-like scenario of the conventional order, Islamic finance is viewe...

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Main Authors:	Yussof, Sheila Ainon, Haron, Razali
Format:	Conference or Workshop Item
Language:	English English
Published:	2017
Subjects:	HG4001 Financial management. Business finance. Corporation finance.
Online Access:	http://irep.iium.edu.my/54673/ http://irep.iium.edu.my/54673/1/Lahore%20Conference%20II.pdf http://irep.iium.edu.my/54673/2/Lahore%20Conference%20ASEAN%20Financial%20Market-Paper.pdf

id	iium-54673
recordtype	eprints
spelling	iium-546732017-03-28T07:42:38Z http://irep.iium.edu.my/54673/ The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand Yussof, Sheila Ainon Haron, Razali HG4001 Financial management. Business finance. Corporation finance. Islamic finance offered a viable and moral-ethical alternative when the world economy was suffering from the global financial crises due to high debt-gearing and excessive speculations leading to liquidations and losses. In the casino-like scenario of the conventional order, Islamic finance is viewed as a game-changer, setting new rules and behavioral patterns that appeal to humanity and other civilizations due to its adherence to the universal principles of justice, equity and good conscience. In the beginning, Islamic finance may have started off with a nationalistic or religious fervor due to independence from colonialism and reassertion of an Islamic identity. But later it became evident to the world that its core principles, if implemented sincerely, can prevent exploitation, monopoly, bribery and corruption, excessive spending and hoarding of wealth, high debt-gearing and speculation. Ideally, Islamic finance should be promoting values such as entrepreneurship, transparent dealings, risk sharing. and profit and loss sharing rather than a predetermined return. Islamic finance is also based on ethical principles such as trustworthiness and honest dealings, sanctity of contracts, moderate and pragmatic behavior and equitable treatment of stakeholders This paper will examine the role of Islamic finance in developing the ASEAN market through cross-border collaboration, specifically with Thailand, through three engines of growth: the Sukuk market, Halal market and Waqf. Islamic finance has opened up many opportunities to the minority Muslims in Thailand and helped speed up the integration process. As the world becomes smaller and cross-border players increase, there is a need to have greater legal and regulatory certainty. To ensure Islamic finance is on a level playing field with conventional finance as it crosses borders, the present authors recommend a mutual relaxation of taxation laws and a trade liberalization policy. Lastly, a unified and concerted effort is needed to promote equitable development of ASEAN member nations within the Islamic framework of “prospering thy neighbours”. 2017-01-25 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/54673/1/Lahore%20Conference%20II.pdf application/pdf en http://irep.iium.edu.my/54673/2/Lahore%20Conference%20ASEAN%20Financial%20Market-Paper.pdf Yussof, Sheila Ainon and Haron, Razali (2017) The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand. In: Global Forum on Islamic Economics, Finance & Banking (IEFB), 25th-26th January 2017, Lahore, Pakistan. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG4001 Financial management. Business finance. Corporation finance.
spellingShingle	HG4001 Financial management. Business finance. Corporation finance. Yussof, Sheila Ainon Haron, Razali The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand
description	Islamic finance offered a viable and moral-ethical alternative when the world economy was suffering from the global financial crises due to high debt-gearing and excessive speculations leading to liquidations and losses. In the casino-like scenario of the conventional order, Islamic finance is viewed as a game-changer, setting new rules and behavioral patterns that appeal to humanity and other civilizations due to its adherence to the universal principles of justice, equity and good conscience. In the beginning, Islamic finance may have started off with a nationalistic or religious fervor due to independence from colonialism and reassertion of an Islamic identity. But later it became evident to the world that its core principles, if implemented sincerely, can prevent exploitation, monopoly, bribery and corruption, excessive spending and hoarding of wealth, high debt-gearing and speculation. Ideally, Islamic finance should be promoting values such as entrepreneurship, transparent dealings, risk sharing. and profit and loss sharing rather than a predetermined return. Islamic finance is also based on ethical principles such as trustworthiness and honest dealings, sanctity of contracts, moderate and pragmatic behavior and equitable treatment of stakeholders This paper will examine the role of Islamic finance in developing the ASEAN market through cross-border collaboration, specifically with Thailand, through three engines of growth: the Sukuk market, Halal market and Waqf. Islamic finance has opened up many opportunities to the minority Muslims in Thailand and helped speed up the integration process. As the world becomes smaller and cross-border players increase, there is a need to have greater legal and regulatory certainty. To ensure Islamic finance is on a level playing field with conventional finance as it crosses borders, the present authors recommend a mutual relaxation of taxation laws and a trade liberalization policy. Lastly, a unified and concerted effort is needed to promote equitable development of ASEAN member nations within the Islamic framework of “prospering thy neighbours”.
format	Conference or Workshop Item
author	Yussof, Sheila Ainon Haron, Razali
author_facet	Yussof, Sheila Ainon Haron, Razali
author_sort	Yussof, Sheila Ainon
title	The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand
title_short	The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand
title_full	The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand
title_fullStr	The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand
title_full_unstemmed	The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand
title_sort	asean market: cross-border collaboration in islamic finance between malaysia and thailand
publishDate	2017
url	http://irep.iium.edu.my/54673/ http://irep.iium.edu.my/54673/1/Lahore%20Conference%20II.pdf http://irep.iium.edu.my/54673/2/Lahore%20Conference%20ASEAN%20Financial%20Market-Paper.pdf
first_indexed	2023-09-18T21:17:20Z
last_indexed	2023-09-18T21:17:20Z
_version_	1777411649999732736

The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand

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