Transcript Slide 1

Legal & Regulatory Framework
for Islamic Finance
Islamic Finance: Structure and Instruments
27 September 2011
Ankara, Turkey.
Presented by:
Rustam Mohd Idris
Deputy Director
Islamic Banking and Takaful Department
1
After the session, insyaAllah you would be able to…

Gain some insights on Malaysia’s experience in developing
legal & regulatory infrastructure of Islamic finance

Understand Malaysia’s approach in strengthening existing
Islamic finance landscape

Appreciate contemporary challenge & understand
fundamental building blocks for sustainable Islamic finance
2
Differences of Islamic finance model in various jurisdictions are meant to
suit local requirement
Bahrain
Pakistan
Sudan
UAE
Malaysia
Dual
Single
SYSTEM
• Single legislation
covers both
Islamic &
conventional
banking
LEGAL
SHARIAH
GOVERNANCE
STRUCTURE
Single
Single
• Comprehensive
regulatory
framework for
Islamic banks
• Shariah
supervisory
committee of
individual
Islamic banks
• Single legislation
with specific
provision to address
Islamic banking
operation
• National aspiration
to have full-fledged
Islamic
• Banking Business
Regulation Act
Single
• Single legislation
covers both Islamic
& conventional
banking (Federal
Law)
• Takaful –specific law
is introduced (2010)
• Shariah advisor of
individual Islamic
banks
• Shariah Board of
State Bank of
Pakistan
• Shariah advisor of
individual Islamic
banks
• Shariah committee
of individual Islamic
banks
• Shariah Supervisory • Shariah supervisory
Board (Bank of
(Ministry of Islamic
Sudan)
Affairs)
• Existence of dual
financial system is
hard-corded in
Central Banking Act
2009
• Dedicated Law/ Act
to address Islamic
finance
• Islamic Banking
Act 1983
• Takaful Act
1984
• Government
Funding Act
1983
• Shariah advisor of
individual Islamic
banks
• Shariah Advisory
Council (SAC) of
Bank Negara
Malaysia
Differences of Islamic finance model in various jurisdictions are meant to
suit local requirement (cont…)
ACCOUNTING
Bahrain
Pakistan
AAOIFI
International
Accounting Standard
Board (IASB)
Sudan
UAE
Malaysia
International Accounting
Standard Board (IASB)
AAOIFI
AAOIFI
• Islamic Interbank Money
Market (IIMM)
CAPITAL & MONEY
MARKET
Bahrain Financial
Exchange (BFX) –the
first multi-asset class
exchange in the
Middle East region
n/a
n/a
Dubai International
Financial Exchange
(DIFX) offers liquidity
for primary listing &
secondary trading of
Shariah compliant
instruments
• Labuan International
Financial Exchange
(LFX) –web based
financial exchange that
provides listing & trading
facilities for Islamic
financial product
• Bursa Malaysia –Shariah
compliant stock
exchange
• Bursa Suq Al-Sila
(BSAS) –commodity
trading platform
specifically dedicated to
facilitate Islamic liquidity
management & financing
by Islamic banks
Malaysia’s approach….develop a comprehensive Islamic financial system
…..ensuring sustainability & creating synergy for further development
Islamic
Money
Markets
Islamic Banks
& Takaful
Companies
Malaysian
Financial
System
Dual Banking
System
Islamic
Capital
Markets
Capital
Markets
Money
Markets
Supported by:
Robust legal & regulatory framework
Diversified players with wide-ranging products
Integrated human capital infrastructure
Professional services with familiarity on IF
5
May 2009 Board Briefing
5
No “one-size-fits-all” approach, but key elements should be considered in
developing legal & regulatory framework for Islamic finance…
1
Understand the Fundamental
 Shariah as the backbone of Islamic finance
 Specific approach must be taken to ensure adherence to Shariah
principles
2
Appreciate the Uniqueness
 Recognise unique structure of Islamic finance
 Acknowledge distinctive risks associate with Islamic finance
3
Legal framework
(slides 7 – 22)
Recognise the Environment
 Understand local industry
Regulatory framework
 Customise regulatory & supervisory approach to nature of Islamic
financial transactions
(slides 23 – 33)
 Full commitment on effort to resolve emerging system-wide issues
4
Acknowledge the Challenge
 Identify pre-requisites for sustainable system e.g. human capital,
infrastructure, capacity & capability
 Balancing the need for prudential regulation & strategic aspiration
6
Legal Framework
7
Legal Framework
Pragmatic development of legal framework to governs specificities
of Islamic finance
Stage 1:
(1983-1993)
Instituting foundations
Enactment of dedicated
acts for Islamic banking,
takaful & Shariah
compliant government
funding
Stage 2:
(1993 – 2001)
Institutional
building, activity
generation &
market vibrancy
Legislative
amendments to allow
Islamic banking
windows
Stage 3:
(2001 – 2010)
Strategic positioning & international
integration
Several measures to ensure legal
framework are accommodative of
Islamic finance
Central Bank of
Malaysia Act
2009
Capital Market
Services Act
2007 (CMSA)
Dispute
Resolution
Government
Funding Act
1983 (GFA)
Development
Financial
Institutions
Act 2002
(DFIA)
Takaful Act
1984 (TA)
Law Review
Committee
Islamic
Banking Act
1983 (IBA)
Banking and
Financial
Institutions
Act 1989
(BAFIA)
Tax Neutrality
Framework
Law
Harmonisation
Committee
8
Legal Framework
IBA
BNM’s Scope of Powers
• Administer carrying on of
Islamic banking business by
any person
• Exercise powers for
supervision & control over
institutions conducting
Islamic banking business
Islamic Banking Act (1983)
Scope of Business
• Accords flexibility to Islamic
banks to undertake broad
range of Shariah-compliant
banking business, subject to
specific restrictions
Shariah Governance
• Provision for the establishment
of Shariah advisory body
Section 3(5)(b) IBA 1983
• Outlines requirements for
ownership, control &
management of Islamic
banks
9
Legal Framework
GFA
Scope of Powers
on Islamic finance
Government Funding Act (1983)
Scope of GFA
Shariah Governance
• GFA provides the power for
the Government of Malaysia
to issue government bonds
based on Islamic principles
• The requirement for instruments
• GFA administers the power of
Ministers to receive investments issued to be in accordance with
on behalf of the Government of Shariah principles
Malaysia
• GFA enables Islamic banks
to manage liquidity
requirements and surplus
funds
• GFA outlines the duties and
obligations of depository
institutions
Section 2A of GFA 1983
• Total Islamic + conventional
fund raised by government
≤50% of Malaysian GDP
Gazette Order dated 9 July 2009
10
Legal Framework
TA
Scope of Powers
on Islamic finance
• Administer the carrying on of
takaful business by any
person
• Regulate & supervise
institutions carrying on takaful
business
– Compliance with statutory
& prudential requirements
– Duty on statistical
submission & disclosure
– Regulation on governance
& change of control
Takaful Act (1984)
Scope of Business
• Family solidarity business
(including any type of takaful
business carried on as
incidental to other solidarity
business)
Shariah Governance
• Requirement to establish
Shariah advisory body
• General business (all takaful
business which is not family
solidarity business)
11
Legal Framework
BAFIA
Banking & Financial Institutions Act (1989)
BNM’s Scope of Powers
• Administer the carrying on of
banking business, financial
business, merchant banking
business (investment) &
money-broking business
• Regulate & supervise
institutions licensed to carry on
those businesses, including
carrying on of Islamic banking
business & Islamic financial
business
Scope of Business
Shariah Governance
• Allow conventional banks to
carry out trade activities under
Islamic banking business –
exemption pursuant to
• Allow conventional banking
institutions to conduct Islamic
banking business (via “Islamic
windows”)
Section 32 of BAFIA 1989
• Banking & financial Institutions
(Trading by Licensed Banks,
Finance Companies &
Merchant Banks) Order 1994
• Ensures compliance with BNM
directives issued in
consultation with BNM
Shariah Advisory Council
Section 124 of BAFIA 1989
12
Legal Framework
DAFIA
Development Financial Institutions Act (2002)
BNM’s Scope of Powers
• Administer the carrying on of
Islamic banking or financial
business by development
financial institutions (DFIs)
Scope of Business
• Administer the carrying on
of banking business by
DFIs
• Regulate & supervise DFIs
Shariah Governance
• Allow DFIs to conduct Islamic
banking business or Islamic
financial business
• Ensure compliance with BNM
directives issued in consultation
with Shariah Advisory Council
of BNM
• Prescribed institutions have
recourse to seek advice from
BNM Shariah Advisory Council
on operations of business
Section 129 of DFIA 2002
13
Legal Framework
Capital Markets Services Act (2007)
CMSA
Regulated activity
• Regulated activity under CMSA
can only be carried on by either
Capital Markets Services
Licence or registered person
Section 58 of CMSA
• For the purpose of section 58,
registered persons are defined
Section 76 of CMSA
Scope of CMSA 2007
• Regulate matters relating
to activities, markets &
intermediaries in capital
markets
Scope of business
• Scope of regulated activity for
Islamic banks as ‘registered
person
– Dealing in securities
– Advising on corporate
finance
– Investment advice
– Fund management
Schedule 4 of CMSA
14
Legal Framework
Malaysia Deposit Insurance Corporation Act (2005) covers
various provision on Islamic deposit insurance
MDICA
3. Provide insurance coverage
when bank fails (3rd party
guarantee)
1. Deposit money
Depositors
Islamic
Banks
2.
Contribution (premium)
based on Tabarru’
Separation & equitable treatment principles
Separate management
of funds
 Funded
by contribution
(premium) collected from
Islamic banks
 Pooled
contribution
(funds) managed
separately
 Invest
in Shariah
compliant instruments
Equivalent Coverage Limit
 Islamic
deposit covered
separately from conventional
 All
coverage limit -similar to
conventional
 Up
to RM250k per depositor
per member institution
Separate Payout
 Separate
payment in event
of failure
 Islamic
deposit insurance
funds used only for Islamic
banks
 Deficit
contribution - can
raise funds from
government based on
Shariah principles
15
Legal Framework
SA & RPGTA
Tax Neutrality Framework
Tax neutrality policy accorded to Islamic banking transactions to level playing field
with conventional banking transaction
Stamp Act 1949 (Amended in 1989)
– Liability of banking instruments to stamp duty
– 1989 amendment to avoid double stamp duty for Islamic financing documents (equal treatment for Islamic financial
documents in terms of stamp duty)
Sec 4 Stamp Act
- Instruments chargeable with stamp duty
(includes Islamic banking documents)
-First Schedule on stamp duty :
•Principal document – ad volarem
•Subsidiary documents – RM10
- Parties to determine which is principal
docs & which is subsidiary docs
Sec 14 Stamp Act
- For Islamic banking documents “duty chargeable
thereon shall be calculated on the principal amount
provided by the financier or financing body”
- Stamp Duty (Exemption) (No.5) Order 1984
provides guidelines for Murabahah:
•PSA = principal doc - Ad valorem stamp duty
•PPA = subsidiary doc-RM10
Real Property Gains Tax Act 1979 (Amended in 1985)
– Tax payable on gains/profits derived from disposal or acquisition of real property/shares in real property companies
– Most of IB transactions involve two sets of exchange that involves acquisition & disposal of assets (eg: selling & buying),
theoretically they are subject to two tax
– Amendment to sec 3 – avoid double taxation on IBF transactions
– Tax is based on the price at the time of disposal and/or acquisition (date of agreement eg: PPA & PSA for murabahah)
*PSA = Property Sales Agreement
PPA = Property Purchase Agreement
17
Legal Framework
Dispute
Resolution
Multi-tier dispute resolution system
Court system
Dedicated High Court judge
to adjudicate Islamic finance
cases
• Precedents for Islamic finance cases
• Competent pool of judges
Arbitration mechanism
Kuala Lumpur Regional Centre for
Arbitration
• Special rules
• Speed & confidentiality
Mediation Mechanism
Financial Mediation Bureau as
alternative dispute resolution
mechanism
… effective legal infrastructure instills public confidence
• Scope of
jurisdiction
• Fast & low cost
dispute
settlement
18
Legal Framework
Law Review Committee
LRC
To create a conducive legal environment…

BNM formed the Law Review Committee in June 2003

Comprising representatives from:
–
Attorney General’s Chambers;
–
Ministry of Finance (Tax Division);
–
Malaysian Bar Council;
–
Industry players & legal practitioners

To review existing laws & make recommendations to relevant authorities

Areas of review - taxation and stamp duty laws, company laws, land
laws & procedural laws
19
Legal Framework
Law Harmonisation Committee
LHC

Established on 27 July 2010:

Chaired by former Chief Justice of Malaysia, which is also SAC member

Committee members:
–
Assistant Governor of BNM
–
Head of Islamic Capital Market Department, Securities Commission
–
Attorney General’s Chambers;
–
Rotating members from industry, legal fraternity & Shariah advisors committee

To review existing Malaysian laws in so far as it is applicable to Islamic
finance & harmonise them such that they accommodate & facilitate
Islamic finance in most legally efficient way possible.

To conduct consultation with identified focus groups representing
Islamic finance industry, legal practitioners, academicians & relevant
Ministries & regulatory agencies
20
Legal Framework
Are present laws conducive to support
further growth in Islamic finance?
 Removal
of legal impediments &
enactment of accommodative laws allow
true product innovation to take place
Role of legal fraternity
• Greater understanding on intricacies of
Shariah-compliant transactions facilitate
better deliberation on legal disputes
HUMAN CAPITAL
LEGISLATION
Legal fraternity have pivotal contribution in gearing up Islamic
finance to the next level
Keeping abreast with increasingly
sophisticated innovative products
• A challenge to product simpler & lesscostly legal documentation without
compromising Shariah rules
Legal experts to commensurate the
exponential growth of Islamic finance
• Critical need to expand pool of
expertise in emerging new areas of
Islamic finance globally
Moving forward, robust legal community & infrastructure are critical to
support growth in Islamic finance…
Shariah Savvy
Lawyers
• Deep understanding
on Shariah matters
is pre-requisite to
handle litigations in
Islamic finance
Law Firm Specialising
in Muamalat
• Specialisation
promotes efficiency
• Subject matter expert
as reference points
for market players
Robust Legal
Documentation
Effective Litigation
Process
• Legal documentation
must be in line with
Shariah tenets
• Lawyers well-versed in
cross-border transactions
& laws of other countries
• Proper cause papers in
litigation to ensure
conformity with Shariah
• Firms with qualified &
experienced lawyers for
handling litigation
21
Regulatory Framework
22
Regulatory Framework
Regulatory frameworks developed based on universal prudential
wisdom, with extra consideration on specificities of IF …
Preserve sound Islamic
financial system
Preserve sancity of
Shariah conducts
Objective:
Ensure financial stability
Governance of Shariah
Committee
Governance of Shariah Committee & internal process required to ensure
Shariah compliance
Capital Adequacy Framework for
Islamic Banks (CAFIB)
Identification and measurement of risk based on underlying Shariah contracts
PSIA as Risk Absorbent
Framework
Assets funded by PSIA does not require capital if comply with requirements for
effective risk transfer
Rate of Return Framework
Standardise methodology to compute rate of return payable to depositors
Guidelines on Profit Equalisation
Reserves (PER)
Set out operational mechanism & accounting of PER, which is a risk
management too to mitigate the effect of displaced commercial risk
Property Development &
Investment Activities
Policy requirements governing Islamic bank’s involvement in property
development & property investment activities
Guidelines on Musharakah &
Mudharabah Contracts
Policies & regulatory provisions that govern Islamic banking assets structured
based on Musharakah and Mudharabah contracts
Financial Disclosure for Islamic
Banking Institutions
Provide basis for disclosure and presentation of reports & financial statements
Firewalls for Islamic window
operation
Specific guidelines for Islamic window that seek to promote strategic focus in
Islamic banking business & ensures no co-mingling of funds
23
Regulatory Framework
Credible Shariah governance structure supported by clear Shariah
governance framework promotes integrity & confidence in conduct of IF
Malaysia’s experience:
Shariah as overarching
principle in Islamic finance
Shariah Advisory Council (SAC)
Management
Board
Shariah
Committee
Shariah Compliance Functions :
Shariah Review
Shariah Audit
Proper governance provides multi-layer assurance
on Shariah compliance
1. SAC’s legislative stature as highest authority
for Shariah matters in Islamic finance is accorded
under the Central Banking Act.
2. Bank’s Shariah committee are fully accountable
on decision, views & opinions on shariah
matters
3. Board & senior management with sufficient
expertise & capability in dealing with issues
specific to Islamic financial transactions
4. Emphasise the function of Shariah review &
Shariah audit to provide check & balance
5. Timely disclosure on Shariah resolutions &
rulings assure certainty & public confidence
Shariah Governance Framework
Shariah Parameters
Shariah Resolutions & Rulings
6. Institutionalise mutual respect by recognising
differences of Shariah interpretations in various
jurisdiction
7. Shariah parameters provide guidance on main
features, principles & rulings of Shariah
contracts
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Regulatory Framework
Capital Adequacy Framework for Islamic Banks
 Islamic banking institutions subject to the
capital adequacy framework based on IFSB
Capital Adequacy Standard
– Complement Pillar I of Basel II
– Risk profiles & exposures determined
based on underlying Shariah contracts
(asset-based, lease-based & equity
based):
– Adopt risk measurements, covering
credit risk, market risk & operational risk
 Adoption of advance risk measurement
approaches subject to meeting BNM’s
requirements
 Minimum capital adequacy requirements of
8%, consistent with Basel requirement
Risk profile
Shariah contracts
Trading book instruments,
Forex, Commodities &
Physical assets
Risk exposures
exposures &
&
Risk
measurement
measurement
Credit risk;
Market risk; and
Pillar I of
Basel II
Operational risk
Capital requirement
Minimum of 8%
25
Regulatory Framework
Profit sharing investment account (PSIA) as risk absorbent framework
IBs may deduct credit and market RWA funded by PSIA funds if these risks are
effectively & fully transferred to PSIA holders
Capital Base
RWCR
Four Recognition Criteria
for Islamic
banks
1
=
Total RWA
Credit and Market RWA
funded by PSIA
Less
Governance of PSIA
2
Adequate legal provisions on
effective risks transfer
• Emphasised role of Board & senior management
in managing PSIA funds
• Explicit statement in contract that losses arising
from assets funded by PSIA shall be borne by PSIA
holders
• Ensure legal enforceability of PSIA contract
3
4
Identify and match assets with
funding sources
• Tagging capability facilitates measurement of
risks & return
• Appropriate identification & measurement of
losses will ensure effective risk transfer to PSIA
holders
Timely disclosure on relevant
information to PSIA holders
• Enables PSIA holders to make informed
investment decision
• Facilitate assessment of risks & return profile of
investment portfolio and monitoring of investment
performance
26
Regulatory Framework
Rate of Return (ROR) Framework
Arises from contractual relationship i.e. mudharabah (profit-sharing)
Investorentrepreneur
Bank invests depositors’
funds in financing,
securities etc.
Assets managed
by bank
Depositors have direct
financial interest
Profit-sharing
Based on profit-sharing
ratio
• Standardise calculation
method of rate of return for
Islamic banking industry
• Ensure depositors receive
fair portion of investment
profit
PER to mitigate/ minimize liquidity risk
 Amount appropriated out of the total gross income in order to maintain a certain level of return for
depositor provision shared by both the depositors and the bank
 Monthly PER is capped at 15% of total gross income
 IBs are allowed to maintain max. accumulated PER up to 30% of total shareholders’ funds
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Regulatory Framework
Management of funds under Islamic banking operations
Sources of funds
Application of funds
Non-mudharabah
deposits
General
pool
Profit
Depositors

Bank
Unrestricted
mudharabah
Investment account
Restricted
mudharabah
Investment account
ROR
Framework
Distribution of profit
Specific account I

Specific account II

Depositors
or
Calculation
table
Calculate
profit
Distribute
profit
Distribution
table
..demand for enhanced risk management capabilities and funds management
skills..
28
Regulatory Framework
Guidelines on Property Development & Property Investment Activities
Property investment
Property development
− Direct undertaking of property development
activities are prohibited.
− Involvement restricted to joint venture or
equity participation with reputable developer
Governance
− Direct or indirect acquisition of completed
properties or land for onward sale or lease
are allowed
• Banks’ internal policy to cover, among others:
– Allowable exposures based on business strategy,
– Assurance to avoid involvement in speculative activities & ensure compliance with Shariah
– Internal limits to individual exposure & overall sectoral exposure
Risk
management
• Banks expected to have property research, valuation & marketing capabilities
(in-house expertise or outsourced to external parties)
Prudential limit
• Each exposure ≤ 25% of capital base; and
• Total investment in property + unit trust fund + property trust funds + shares & interest
in shares ≤ 50% of capital base
29
Regulatory Framework
Guidelines on Musharakah & Mudharabah (MnM) Contracts for Islamic
Banking Institutions
Board
& senior mgt expected to
have adequate knowledge &
understanding on MnM
of bank’s
representative in board of
investee companies subject to
prescribed fit & proper criteria
 No
restriction, subject to
bank’s due diligence on
suitability of funding sources
Appointment
Governance
Funding
sources
Key
Requirements
 Comprehensive
risk
management & compliance
with capital adequacy
requirements that
commensurate with risk
profile of MnM
Risk
management
Financial
disclosure
 Banks
Prudential
limit
 Subject
to disclose MnM
activities & risks in financial
statement
to financing & investment limit
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Regulatory Framework
Financial Disclosure for Islamic Banking Institutions
Financing
Financing
by by
contracts
contracts
Disclose various Shariah
contracts applicable
Income
statement
Income
statement
Disclose incomes and
expenses that either shared
by Bank and depositors or
solely belonged to the Bank
Profit
Profit equalisation
equalisation reserve
reserve
(PER)
(PER)
Policy on PER & movement of
PER provision and write-back
Outstanding PER – in other
liabilities
Deposits
from
customer
Deposits
from
customer
Salient
reporting &
disclosure
requirements
Classification based on non
mudharabah & mudharabah
funds
Duties of Shariah committee &
Report of the Shariah Committee
Disclose on SC’s function & duties
Disclose a Statement of the Shariah
Committee members on the
conformity of Islamic banks
operations with Shariah principles
Provision/ write back of PER – in
income statement
31
Regulatory Framework
Firewalls for Islamic Window Operation
OUTCOMES…
Issuance of specific guidelines
on Islamic window operations

Promote strategic focus in Islamic banking business

Ensures no co-mingling of funds

Promote transparency and fairness

Proper segregation of funds
Allocated capital for Islamic
banking operation
Established dedicated
Islamic banking division
Min. CCR (4%), RWCR (8%)
Min. Islamic Banking Fund
Separate compliance to
Statutory reserve
requirements, liquidity
framework,
provisioning & single
customer limit
POLICY
INITIATIVES
Islamic funds are
segregated from
conventional funds
Separate clearing accounts
Separate membership code in
RENTAS*
Separate cheque clearing
system
Separate disclosure of
Islamic banking portfolio
in financial statements
Separate submission of
statistical reports in
Financial Inst. Statistical
System on monthly basis
* RENTAS - Real Time Electronic Transfer of Funds and Securities
32
Regulatory Framework
Regulatory framework in Malaysia are consistent with internationally
accepted global prudential standards that cultivate best practices in IF
ISLAMIC FINANCIAL SERVICES BOARD (IFSB)
Formulate prudential standards for Islamic financial institutions (IFIs)
Guiding Principles on Risk Management
(2005)
Governance for Islamic Collective
Investment Scheme (2009)
Capital Adequacy Standard (2005)
Capital Adequacy Requirements for
Sukuk, Securitization & Real Estate
Investment (2009)
Guiding Principles on Corporate
Governance (2006)
Key Elements in Supervisory Review
Process (2007)
Disclosures to Promote Transparency
& Market Discipline (2007)
INTERNATIONAL
GUIDELINES &
BEST PRACTICES
Governance for Takaful (2009)
Conduct of Business (2009)
Shariah Governance System for IFIs
(2009)
33
As dynamism of Islamic financial system continues, further improvement
on all front is imperative to create strong fundamentals
Key Building Blocks
Supportive Legal Framework
Robust Governance
Effective Regulation
Supervisory Framework
Financial Surveillance
Customer Protection
Areas for consideration
• Enactment of key legislations & amendment to existing statutory
law to cater for uniqueness of Islamic financial transactions
• Higher standards of corporate & Shariah governance provide
multi-layer assurance on compliance with Shariah
• Implementation of international prudential standards for Islamic
finance issued by IFSB allow regulatory convergence
• Responsive supervisory framework necessitates forward-looking
paradigm & pro-active dialogues to understand value proposition
& inherent risks in Islamic finance
• Enhancement of macro/micro surveillance & early warning
signals to enable prompt remedial actions
• Introduction of Islamic deposit insurance scheme, better
disclosure regime & consumer education programmes that
reduces information asymmetry
In conclusion, robust legal & regulatory framework are instrumental
towards ensuring sustainability of IF development
34
Informative websites:
 http://www.bnm.gov.my
- Bank Negara Malaysia
 http://www.mifc.com
- Malaysia International Islamic Financial Centre (MIFC)
 http://iimm.bnm.gov.my
- Islamic Money Market
 http://bondinfo.bnm.gov.my
- Malaysian Government Securities Market
 http:// www.sc.com.my
- Securities Commission Malaysia
 http://www.pidm.gov.my
- Malaysia Deposit Insurance Corporation
Disclaimer: While every care is taken in the preparation of this publication, no responsibility can be accepted for any errors.
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Notification of such use is required. All rights reserved.
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