Publication:
Regulatory Environment & Institutional Framework
| DC Field | Value | |
|---|---|---|
| dc.contributor.author | Marjan Muhammad | |
| dc.date.accessioned | 2024-12-10T10:16:42Z | |
| dc.date.available | 2024-12-10T10:16:42Z | |
| dc.date.issued | 2024 | |
| dc.description.abstract | A comprehensive governance, regulatory and supervisory framework is required for the financial market to operate on a sound footing. The presence of a conducive and efficient regulatory environment not only helps promote market stability but also adds to the confidence and trust of the investors, public and other stakeholders. Since the inception of the Islamic finance industry, domestic regulators and international standard-setting bodies have strived to develop suitable regulatory and governance frameworks that cater for the unique nature and specific risks of Islamic financial institutions (IFIs). Regulators have been instrumental in supporting the development of the industry via ensuring clarity through appropriate regulations, gradual harmonisation of industry standards, robust Shari’a governance frameworks and a supportive legislative infrastructure. These measures, which are underway in Asia, the Middle East, Europe and even in sub-Saharan Africa lately, are critical for the smooth and sustainable expansion of the industry. Despite this, variations in Shari’a interpretations and differences in the Shari’a governance frameworks can result in legal uncertainties and hamper the potential growth prospects of the industry by decreasing stakeholders’ confidence. Therefore, the efforts by international organisations like the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB) and the International Islamic Financial Market (IIFM) in terms of standardisation and harmonisation of the Shari’a governance, Shari’a interpretation and market practices are key for the sustainability of the industry | |
| dc.identifier.citation | Muhammad, M. (2024), "Regulatory Environment & Institutional Framework" in Global Islamic Finance Report 2024, Cambridge Institute of Islamic Finance | |
| dc.identifier.uri | https://ikr.inceif.edu.my/handle/INCEIF/4145 | |
| dc.identifier.uri | https://gifr.cambridge-ifa.net/ | |
| dc.language.iso | en | |
| dc.publisher | Cambridge Institute of Islamic Finance | |
| dc.source.uri | https://gifr.cambridge-ifa.net/ | |
| dc.title | Regulatory Environment & Institutional Framework | |
| dc.type | Book | |
| dspace.entity.type | Publication | |
| relation.isAuthorOfPublication | 5967275c-e645-49ce-9855-350b32e2dc77 | |
| relation.isAuthorOfPublication.latestForDiscovery | 5967275c-e645-49ce-9855-350b32e2dc77 | |
| Appears in Collections |
Files
License bundle
1 - 1 of 1
license.txt
Size: 1.71 KB Format: Item-specific license agreed upon to submission
Views: 0 Downloads: 0