Malaysia is a religiously and ethnically versatile country with a dual legal structure. Essentially, Malaysia's banking system is plural and thus, two different sets of legal systems work at the same time. The semi-permanent conventional banking system has been leveled off by the Islamic banking system which emerged only in 1983. Whether accepted or not, the dual system which emerged only in 1983. Whether accepted or not, the dual system in the society has created challenges and clashes between the two, and these must be addressed and dealt with properly, so as to trim down such clashes to a minimum. Several quarrels exist between conventional and Islamic banking laws; some which arise due to the application of common law or conventional law to justify problems in Islamic banking system. The impact of this is huge; as applying the same legal principles enforced in the conventional banking system to adjudicate conflicts in the Islamic banking system - which has different economic principles - does not work at all. Islam contends for a fair distribution of profits and loss and bans questionable activities unlike the conventional banking capitalistic belief that winner takes all.

Corruption is a cancer spoiling the society. It inhibits the developed and developing nations to rise above and turn into developed nations. The developing countries are struggling to tackle the issue of corruption. This indeed affects the development of projects and impacts the grassroots by depriving the marginalised of essential benefits. The objective of this paper is to provide a descriptive analysis on international corruption, curbing legislations existing in the world today. It is argued here that corruption needs to be curbed at all cost. This article also proposes suggestions on how this issue may be resolved. The authors contend that a single set of legislation against corruption is not the answer to this exacerbating problem in the third world.

In the board sphere of the banking world, shari'ah compliant banking has been duly coined as Islamic banking. It does not; however limit the patrons of Islamic banking to Muslims. Today, irrespective of the faith conviction, both Muslims and non-Muslims utilize Islamic banking. Malaysia is considered as the cranium of Islamic banking. This maybe due to the fact Malaysia is among the very first countries that adopted Islamic banking parallel to conventional banking and has progressively sustained it from 1983 up until now...

Malaysia is a multi religious and a multi ethnic society with a plural legal structure. The banking system of country is essentially dual in nature and hence, there are two different sets of legal framework working simultaneously. Today, the Islamic Banking system which emerged in 1983 has levelled up to the conventional banking system which had rooted itself in the society a long time ago. Whether we believe it or not there are challenges and clashes at hand due to the existence of the dual system in the society and they need to be addressed properly, so that the clashes between these two types of banking system can be minimized. There are several quarrels between conventional and Islamic Banking laws. Some of these clashes are created due to the application of common law or conventional law based legislation to resolve the problems in the Islamic banking system. The impact of this is huge, primarily because, Islamic economics has a different premise from conventional banking and applying the same legal principles to resolve disputes for both markets does not work. Unlike conventional banking's capitalist conviction that winner takes all, Islam argues for a fair distribution of profit and loss and bans purely speculative activity.

Malaysia is a multi religious and a multi ethnic society with a plural legal structure. The banking system of country is essentially dual in nature and hence, there are two different sets of legal framework working simultaneously. Today, the Islamic Banking system which emerged in 1983 has levelled up to the conventional banking system which had rooted itself in the society a long time ago. Whether we believe it or not there are challenges and clashes at hand due to the existence of the dual system in the society and they need to be addressed properly, so that the clashes between these two types of banking system can be minimized. There are several quarrels between conventional and Islamic Banking laws. Some of these clashes are created due to the application of common law or conventional law based legislation to resolve the problems in the Islamic banking system. The impact of this is huge, primarily because, Islamic economics has a different premise from conventional banking and applying the same legal principles to resolve disputes for both markets does not work. Unlike conventional banking�s capitalist conviction that winner takes all, Islam argues for a fair distribution of profit and loss and bans purely speculative activity.

The Maldives has been striving to pioneer Islamic banking for the past few years. For a starter, guidance from the emperor of Islamic banking would be indispensable. Malaysia is the emperor of it. Starting from 1983, it has been practicing Islamic banking up until now. Today, by gradually correcting the mistakes that has been made over the years, Malaysia has become the leading nation for Islamic banking. Malaysia is a multi-religious society, distinct from the Maldives. The point that should be noted here is that when Malaysia started Islamic banking, the only piece of banking legislation available in the country was one that supported the conventional banks. Hence it had to pave away the legal impossibility of introducing Islamic banking to the country by enacting a unique legislation for it. With this new legislation, the first Islamic bank of the country was established. When the government felt that Islamic banking can only be developed by creating more players in the market, it amended the existing conventional banking legislation to allow Islamic banking windows to be operated within conventional banks. The banks began to work in a competitive atmosphere; it gradually developed and the industry has now flourished. The Maldives is a 100% a Muslim nation. However, the existing legal framework is only the operation of conventional banks. Like Malaysia, the Maldives needs to introduce a separate legislation to surface the way to start the Islamic banking. It needs to innovate products according to the need of its society. It also needs to find ways in which it can offer Islamic banking services in a competitive ambiance. If a single bank monopolises the whole industry, the growth of Islamic banking in the Maldives might be jeopardised. Like Malaysia, the Maldives may amend its conventional banking legislations and allow foreign banks like the HSBC Bank to open Islammic banking windows in the country. This would indeed create antagonism in the industry. The citizens would be given an option to choose from and this would create room for the innovation of new products. In this paper, the main focus would be on discussing the possible ways in which to set up and expand Islamic banking in the Maldives with special reference to the expansion of Islamic banking in Malaysia. The development of Islamic banking and the lessons which could be learnt from Malaysia would be highlighted. It is argued here that although Malaysia has a multi-religious society in which Islamic banking was introduced in the 20th CEntury, the Maldives, on the other hand, which is a hundred percent a Muslim nation, is trying to pioneer Islamic banking in the 21st Century and may have lessons to learn from Malaysia's experience.

The Islamic financial system in Malaysia has emerged as a viable and vibrant component of the overall financial system. Nevertheless, salam based Islamic Banking products are anything but popular in the context of the Malaysian banking industry, despite boasting more than 40 Islamic financial products available, ranging from retail based products to project financing. This is partially due to the misconstructions over the viability of salam contracts. These misconceptions largely discount the social value for such contracts overlooking the fact that salam based contracts bridge the gap between the financers and recipients fostering platforms for substantial economic trust, providing for a price hedge for the buyer and cost hedge for the recipient. These benefits are not only available under the principles guiding Islamic banking and its ancillary products, but rather, offers a relatively large optimistic outlook for conventional banking as well, owing primarily but not limited to, its social value.

Punishment is the universal response to crime and deviance in all regions of the world where its particular form and purpose is linked to detailed features of the structure of these societies at any given point in time. Designed to identify and examine the sources of similarity and differences in type of physical, ande economic punishments, incapacitation devices and designs, and lethal and non-lethal forms of corporall punishment over time and place through a comparative chronological analysis of punishment.

The purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and compare it with the conventional viewpoint, while discussing the several modes/means/usages in terms of applied Shariah. The paper utilizes a doctrinal approach to focus on the theoretical aspect of the concept while attempting to suggest practical adaptation and structuring, enabling smoother and more efficient use. The status quo was dependent on the wa'd being an operational instrument in today's world and further development in terms of bridging the understanding was the approach.

Islamic banking is unique and different from its conventional counterpart. This essentially means that we cannot carry out an apple to apple comparison between the two systems. Islamic banking is a system rooted in Islamic ideology. Overseeing of the whole system, thus naturally rests in the hands of those scholars who were educated in Islamic Shariah. This is the reason why several of the countries have established domestic Shariah advisory bodies, to monitor the administration of Islamic banking and the structuring of its products.