Malaysia eyes Islamic finance framework
Tuesday 30 November 2010 - by Andrew Hickley
The deputy governor of Malaysia has said that other countries can learn from the Malaysian system of operating Islamic finance, believing the country is developing "laws of choice" for international centres.
"Whilst enacting a separate governing law avoids the trap of confining the scope and operation of Islamic finance within the mould of conventional finance, this approach has proven in Malaysia to be the most efficient way possible to regulate Islamic finance."
He noted that Ireland and France have recently made "significant steps" towards facilitating Islamic finance, while believing that Australia, Jordan and Lebanon are all working towards reviewing their legislations to be accommodative to Islamic finance.
Ibrahim also praised the initiative to establish a Law Harmonisation Committee with the aim of creating laws that are "facilitative, contemporary, and easily enforceable", which be believes will lead to Malaysian regulations being "laws of choice" for the industry.
"This initiative is consistent with our continuous effort to foster an efficient, innovative and competitive Islamic financial system, given the more globalised and liberal operating environment within which Islamic finance will operate", he said.
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