An abstract is written in Arabic.

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.

Islamic venture capital is a strategic tool to enhance cooperation in the Muslim world. This is because it helps form smart partnership among the members of OIC countries. Venture capital is an investment in highly risky projects in return for potential high return focusing mainly on technology. For more than a decade, the trend has shown tremendous changes; hence venture capital investment records increasing interest of the investors in other sectors such as agricultural production, medical instruments and others. Islamic venture capital has been running in parallel with the mainstream in Malaysia. There are several reasons supporting the emergence of Islamic venture capital namely, attraction of Middle East investors and underutilisation of surplus in the Muslim world. This paper traces the development of Islamic venture capital in Malaysia, identifies the regulatory bodies, and the policy initiatives, and the pioneer corporations. In conclusion, it examines three phases of the development of Islamic venture capital in Malaysia namely, the evolutionary process, the degree of incorporation and developmental patterns. The applied Shariah mechanisms are hybrid of musharakah, mudarabah, and wakalah. It suggests that the balance between supply side and demand side, public friendly regulation may actualise the Malaysian industrialisation dream. In addition, refocusing long-term investment, reorientation of SMEs towards venture capital investment, establishment of private-oriented venture capital industries, creation of cash waqf and/or Islamic social bank are some suggested solutions in promoting Islamic venture capital in Malaysia. They may also be of help to other jurisdictions.

India and Maldives have enjoyed warm and friendly affairs since Maldives became independent in 1965. Disputes between the two countries have been negligible. In November 1988, at the behest of the Maldivian government, Indian paratroopers and naval forces crushed a coup attempt by mercenaries. This was known at the time as Operation Cactus. India's action, viewed by some critics as an indication of Indian ambitions to be a regional police officer, were regarded by countries such as the United States, the Soviet Union, Britain, Nepal, and Bangladesh as legitimate assistance to a friendly government and in keeping with India's strategic role in South Asia. In the 1980s and 1990s, Indian and Maldivian leaders maintained regular consultations at the highest levels.

Venture capital is commonly defined as medium to long-term equity investment provided for unlisted companies to finance their start up, expansion, survival and change of ownership. The origin of which was traced back to mudharabah; which is commonly translated to Islamic limited partnership. The application of venture capital seems to be abandoned in Muslim world for long, while Western communities get steady development of it. Since the inception of Islamic banks for almost two decades, Islamic banks are also turning a blind eye to venture capital. In spite that venture capital is akin to Islamic bank's principle of profit and loss sharing. The first Islamic bank which was introduced 1963 at Mit Ghamr by Dr. El-Naggar, was primarily built on mudharabah contract which constitutes a tiny portion in day-to-day operations of Islamic banking and financial institutions to date due to risks associated with this area of investment. However, venture capital considered as a formidable tool for economic and technological development in the West. This study aims at studying historical development of mudharabah and musharakah that constitute the root of the modern venture capital. The study covers both classical and modern Islamic venture capital. The study finds that modern Islamic venture capital operates in form of banking and financial institution at the outset. This is could be imagined with the establishment of the first Islamic bank at Mit Ghamr Egypt 1963, Tabung Hajj at 1960s. On the contrary, Mudharabah Companies established in Pakistan in1984 operates in form of fund management company. Nevertheless, the first fund carries the tittle of Islamic venture is Injazah funds established in 2004. The first fund and management corporation dedicated for Islamic venture capital is musharaka venture tech and management established in Malaysia 2008. The first banking institution dedicated for Islamic venture capital and private equity investment is Venture Capital Bank established in Bahrain 2006. The common Shari'ah applicable principles are musharakah, mudharabah, and wakaalah. Although muzara'ah and musuqat are seldom applied in the agricultural sector. In a nutshell, the study provides Shari'ah framework for Islamic venture capital and proposes solutions for pressing issues.

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...

This study analyses legal and regulatory framework of Islamic capital market (ICM) in the Maldives to find out the legal reform required to further develop ICM in the country. The regulatory authority for ICM in the Maldives is the Capital Market Development Authority which has set up an apex Shari'ah Advisory Council to seek advice on Shari'ah related matters and has enacted the regulations required for ICM. This study adopts doctrinal legal research and qualitative study using the content analysis approach. It is imperative to note that only limited research has been found on the subject and as such, it is anticipated that findings of this research will assist the policymakers to understand the legal reform required to further strengthen ICM in the Maldives. Findings of this study reveal that there is a need to amend the Securities Act (2006) to recognize Shari'ah Advisory Council for capital markets as a statutory body. The findings suggest the Shari'ah Advisory Council to make their decision binding, and the regulations enacted for ICM need to be amended considering the existing hiccups and challenges faced.

This study aims at examining the development of the Malaysian Islamic venture capital industry including government and regulatory policy initiatives for escalating the growth of the industry. It also highlights constraints and way forward for the industry. The paper employs qualitative approach focusing on secondary resources, documents, and field interview with practitioners and academia who are directly involved in the operations of Islamic venture capital in Malaysia. The study finds that policy-driven approach and liberalization facilitate the standardization of Shariah rulings of Shariah Advisory Council (SAC) and Shariah Committee (SC), which contribute to the effectiveness of regulatory framework and sustainable growth of the Islamic capital market in Malaysia. It also finds a number of constraints that dampen the progress of Islamic venture capital in Malaysia to be the following: i) apparent resistance of major Islamic banks to get involved in Islamic venture capital investment, ii) biasness against long-term investment; iii) underutilization of mushaarakah and mudaarabah mode of financing, iv) preference of expansion stage over seed capital by major venture capital institutions; v) lack of awareness on Islamic venture capital investment; vi) overreliance on government intervention. This paper holds significant implications for the venture capital industry players because it provides gap which needs to fill to make the industry a success.

Maldives is a hundred per cent Muslim country that lies in the heart of the Indian Ocean. It has a unique geography consisted on 1,190 islands forming 26 natural atolls spreading over 900 square kilometer. The population of the country is just around 300,000. Maldives is ranked 100 out of 178 countries on the Human Development Index, and is classified as a country with medium human development. The biggest economic challenge in Maldives is to distribute the income evenly to all parts of the nation. It is, thus, difficult to develop all the inhabited Islands scattered across the archipelago due to lack of transportation facilities. The capital of Maldives, Male is the only island that has been developed in terms of health, education and infrastructure. The rest of the nation is still developing at a slow pace. Microfinance is the only type of development tool to the Island population. The nation is alien to Islamic finance until early this year. Though Islamic banking is introduced in the country, the benefit of the bank is only enjoyed by the people in the capital. The rest of the population is left with bare minimum or without any type of modern banking facility. Hence, the only source of development capital is the capricious periodic disbursements for target areas by foreign aid agencies in collaboration with the government. The problem with the microfinance facility in Maldives is that it is based o the conventional structure. The objective of this paper is to suggest ways to Islamize microfinance in Maldives and to shed light on the benefits that the Maldivians could enjoy by using Islamic microfinance. In the course of doing this, the paper explores the potential sources to raise capital for microfinancing in Maldives. It is anticipated that the outcome of this paper would also supplement efforts by other geographically dispersed low-lying island nations.

During the COVID-19 pandemic, it became apparent that Islamic social finance (ISF) must be institutionalised due to inadequacies of Islamic commercial finance in providing adequate financial solutions to achieve financial inclusion. As such, the convergence of ISF with Islamic commercial finance is emerging while institutionalisation of ISF is gaining momentum globally. However, so far, there is no comprehensive governance code enacted to regulate the ISF institutions to guide them in the offering of their financial products and services within the parameters of Shari'ah, which include avoidance of corruption. Therefore, the objective of this research is to explore the existing mismanagement and corrupt practices found in managing the ISF and to recommend ways to overcome them. To meet its objective, this study adopts document analysis as its research methodology to review and discuss the selected management and corrupt practices of ISF institutions reported worldwide. It is anticipated that findings of this paper would assist policymakers, standard-setting bodies for Islamic finance, and ISF institutions to realise the significance of adopting good governance practices to take ISF to the next level. Further research could be undertaken to study the effectiveness of adopting good governance practices by ISF institutions and the implications of adopting such practices.

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.

This research aims to explore the theoretical nature of salam contract in depth, the extent of its use in the banking arena of Malaysia and to test the theoretical feasibility of its future application by the Islamic banks in Malaysia by suggesting an Islamic banking product structure based on salam contract. Salam contract is more susceptible to risks than the rest of the Islamic commercial contracts used by the Islamic banks in Malaysia and none of the Islamic banks in the country utilize this type of contract as a mode of financing. However, the research indicates that a feasible banking product based on salam contract could be formulated to help poor farmers in the country. To prove this a new model product based on salam contract to help farmers is created by the authors and the pros and cons of the product with the risk mitigating ways are explored. It is found that theoretically, this product is workable. This research will complement the knowledge based on practical applicability of salam and is targeted to the Islamic financial Institutions in Malaysia, who are the prospective beneficiaries.

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.

With the advent of Islamic banking, a new species was added to the banking system which was then, only dominated by the conventional banking. Islamic banking expanded in the world within the last decade and as a result, Islamic finance emerged as an alternative to the conventional finance. This created Islamic companies and Islamic financial institutions which operate based on the principles of Shari'ah or Islamic Law. These Islamic corporate bodies, like the conventional corporate bodies do need good governance rules. In other words, they also need a good, sophisticated "Shari'ah Governance Code" which would be based on the principle of Islamic Law. This is mainly because the objective of the conventional and the Islamic Corporate governance is different as conventional corporate governance structure is more focused on the protection of the rights of the stakeholders; while Islamic corporate governance focus on retaining the Islamicity of whole corporation. The objective of this research is, as the title suggests, proposing the reasons why a special governance Code for Shari'ah corporate bodies are needed. This paper would suggest a proper governance structure to the Islamic companies and will also discuss why the conventional corporate governance Codes are unsuitable for the Islamic companies.

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.